Newcastle Intermediaries has reduced rates on several 80 per cent LTV deals by up to 40 basis points.

In its residential range for remortgage or purchase, its two-year fixed rate has been cut from 2.65 to 2.25 per cent.

The deal has an early repayment charge of 2 per cent in its first year and 1 per cent in its second.

Also for residential purchase or remortgage, Newcastle has cut its five-year fixed from 2.75 to 2.55 per cent.

Early repayment charges are 5 per cent in the first year, reducing by 1 per cent each year until the fixed term ends.

Both deals have no product fees, a free standard valuation and £500 cashback.

Head of intermediary mortgages John Truswell says: “We are continually looking at ways to provide great value and service to our customers so we are delighted to reduce rates on a number of our 80 per cent LTV mortgages. 

“These remortgage and purchase products are competitively priced and offer borrowers greater flexibility and support with home buying and home moving costs.”