Newcastle Intermediaries, the intermediary arm of Newcastle Building Society, has launched two new fee-free remortgage products offering homeowners the option of £750 cash back or free standard legal fees.
Both products offer a two-year fixed rate, of 1.90% (5.0% APR) at 60% loan-to-value ratio (LTV) or 1.99% (5.0% APR) at 80% LTV.
The products also come with free standard valuation and 10% overpayments per annum.
Early repayment charges apply, with 2% payable until 30 September 2021 and 1% payable until 30 September 2022.
John Truswell, head of intermediary mortgages at Newcastle Building Society, said: “With the housing market slowing down significantly due to the restrictions imposed around the coronavirus outbreak, we’re seeing some buyers and sellers forced to put their plans on hold.
“However, markets have moved to support an increase in remortgage queries as existing borrowers search for competitive deals upon maturity to take advantage of historically low rates.
“Now more than ever, homeowners want their money to go further and we want to give them flexibility and a potential opportunity to reduce their monthly mortgage payments.
“That’s why we’re pleased to launch these fee-free remortgage products with a choice of either free legal fees or £750 cash back, and we’re confident they represent a competitive option for a range of remortgages.”