The reduction includes a 0.20% cut on a 2-year fixed rate, now available at 2.30%, which comes with product fees of £499.

A fee-free 2-year fix is now available at 2.55%, representing a 0.10% reduction on its previous rate.

An early repayment charge of 2% applies over the first year of the term and 1% during the second, on both fixed-rate products.

Alternatively, a fee-free 2-year discounted rate has been reduced by 0.05% to 2.30%, has an early repayment charge of 1% over the duration of the term.

All refreshed products come with a free standard valuation on properties up to £500,000 and allow 10% overpayments per year in addition to the £499 regular monthly overpayments permitted.

John Truswell, head of intermediary mortgages at Newcastle Building Society, said: “We’re always listening to broker feedback and know it’s important to keep the range fresh in a very competitive market.

“Customers will benefit from the reductions on offer as well as our manual underwriting approach and leading service levels.”