Newcastle Intermediaries has launched two fee-free remortgage deals with the option of cashback or free legals.

For those borrowers only requiring 60 per cent loan-to-value it is offering a two-year fixed rate at 1.9 per cent.

Home owners requiring a higher LTV of up to 80 per cent can fix for two years at 1.99 per cent.

Both deals come with a free basic mortgage valuation, no product fees and borrowers can choose between £750 cashback or free standard legal work.

Early repayment charges are 2 per cent until the end of September 2021 and 1 per cent to the end of September 2022.

Newcastle Building Society head of intermediary mortgages John Truswell says: “With the housing market slowing down significantly due to the restrictions imposed around the coronavirus outbreak, we are seeing some buyers and sellers forced to put their plans on hold. 

“However, markets have moved to support an increase in remortgage queries as existing borrowers search for competitive deals upon maturity to take advantage of historically low rates. 

“Now more than ever, homeowners want their money to go further and we want to give them flexibility and a potential opportunity to reduce their monthly mortgage payments.”