Both the 2 and 5-year mortgages come with no fees, free standard valuation, £500 cashback and 10% overpayments per annum.

A 2-year fixed rate product is now currently available at 2.45% and comes an early repayment charge of 2% until 31 July 2021 and 1% until 31 July 2022.

There is a 5-year product is now available at a fixed rate of 2.50% which includes an early repayment charge of 5% until 31 July 2021 decreasing by 1% yearly until 31 July 2025.

John Truswell, head of intermediary mortgages at Newcastle Building Society, said: “This reduction of rates on our fee assisted BTL range, means landlords and other potential investors can take advantage of more competitive rates without having to worry about finding extra cash for fees, and can make the most of £500 cashback.

“The society’s interest coverage ratio is 145% at a rate of 4% for product terms of five years or more and there is also no maximum age for borrowers on our BTL products giving us a strong BTL proposition.”