Newcastle Intermediaries has reduced its residential standard variable rate (SVR) for UK customers from 3.96% to 2.03%.
In addition, the lender has launched a series of discounted variable rate products.
The new product range includes a 2-year discounted variable rate deal at 1.79% until 30 April 2023, which represents a 2.17% discount from SVR.
Newcastle to cut resi SVR
The offering is available up to 80% LTV, and has a product fee of £999.
In addition, a 2-year discounted variable rate product is available at 2.35% also until 30 April 2023, which represents a discount of 1.61% from the SVR.
This deal is available up to 80% LTV, offers a free standard valuation on properties up to £500,000 and comes with no product fees.
Both mortgages allow 10% overpayments per annum and have an early repayment charge of 2% until 30 April 2022 and 1% until 30 April 2023.
John Truswell, head of intermediary mortgages at Newcastle Building Society, said: “The reduction in our residential SVR supports borrowers currently on SVR or an SVR-linked product, so we’re delighted to introduce this new range of discounted variable rate products to provide customers with more options at competitive rates.”