The offerings are a 2-year fixed rate at 2.70%, which comes with product fees of £999, and an early repayment charge of 2% applies until 31 August 2022 and 1% until 31 August 2023.

And a 2-year fixed rate at 2.80%, which comes with no product fees, and the same tiered early repayment charges.

Both products offer a free standard valuation on properties up to £500,000 and allow 10% overpayments per annum, supporting customers who require the flexibility to make lump sum capital payments.

John Truswell, head of intermediary mortgages at Newcastle Building Society, said: “We’re always looking at the changing needs of the market and have evolved our proposition to suit brokers and their clients.

“These new 85% products will support a variety of borrowers including first-time buyers, home movers and existing home owners looking to remortgage.”