A 2-year discounted rate is available at 1.45% (3.6% APRC), a 2.51% discount from the lender’s SVR. A product fee of £999 is payable and a 1% early repayment charge applies.

A 2-year fixed rate fee assisted product is also available at a 2.35% (3.7% APRC) and comes with no product fees to pay, free standard valuation on properties of up to £500,000 and £500 cashback. An early repayment charge of 2% applies.

Both products are available at a max LTV of 80% and allow 10% overpayment per year in addition to the £499 regular monthly overpayment already permitted.

John Truswell (pictured), head of intermediary mortgages at Newcastle Building Society, said: “We’re seeing a downward trend in rates across all LTVs due to a number of factors, including a reduction in market activity with the closure of the stamp duty land tax window in June and a tightening of housing supply.

“So to better support borrowers in an ever-changing market, we’re refreshing our 80% range to give brokers and their clients more choice and some really competitive options to suit their needs.”