Newcastle Intermediaries has cut rates on selected 95% loan-to-value mortgages and ditched upfront reservation fees.

The mutual’s broker-only arm now offers a two-year fixed-rate deal at 95% LTV at 2.79%, a 0.30% reduction. The product comes with an early repayment charge of 2% until 28 February 23 and 1% until 29 February 2024.

It also offers a five-year fixed-rate loan at 3.19%, a 0.29% cut. This mortgage has an early repayment charge of 5% until 28 February 2023, 4% until 29 February 2024, 3% until 28 February 2025, 2% until 28 February 2026 and 1% until 28 February 2027.

The business says both products come with zero product fees to pay, attract free standard valuation up to £500,000 and come with £500 cashback.

It adds that all products in the range allow overpayments of 10% each year in addition to the £499 regular monthly overpayments already permitted.

The unit also says it offers a 0.56% cut on a five-year fixed-rate 95% LTV product.

Newcastle Intermediaries head of intermediary mortgages Franco Di Pietro says: “We’re always listening to broker feedback and looking for ways to improve our product and proposition offer.

“We’re especially keen to support first-time buyers and low-deposit borrowers so I’m confident these changes, including the removal of reservation fees, will give brokers and their clients a great range of options.”