Newcastle Intermediaries has cut rates on its two-year 95% loan-to-value products for purchase and remortgage by 26 basis points.

The mutual’s broker-only arm says a 95% LTV two-year fixed-rate loan is now available at 3.09%. The product comes with zero product fees and offers free standard valuation on properties up to £500,000 as well as cashback of £500.

The same cut has been applied to a two-year fixed-rate deal at 95% LTV at 2.99%, with a £499 product fee on completion.

The firm adds an early repayment charge of 2% until 31 January 2023, and 1% until 31 January 2024, applies on both products, but allows borrowers to make overpayments of 10% per year.

Newcastle Intermediaries head of intermediary mortgages Franco Di Pietro says: “We’re keeping our higher LTV products competitive by refreshing the range and looking for new ways to support brokers and their clients.

“As well as first-time buyers, the products are also available for home movers and customers looking to re-mortgage with us, who will all benefit from our wider offer, leading service levels and bespoke underwriting approach.”