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Newcastle cuts resi SVR by 2.03%

Jake Carter

December 1, 2020

Newcastle Intermediaries has reduced its residential standard variable rate (SVR) for UK customers by 2.03% to 3.96%.

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.

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.”


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