Newcastle for Intermediaries has reduced rates on its product transfer range.
The revised range, available now, includes rates from 3.69%, with discounts of up to 0.14% across various fixed rate terms and LTV bands, up to 95% LTV.
According to the lender, the updated product transfer proposal will give brokers more flexibility in helping borrowers secure a new deal before maturity. Customers can switch to a new deal up to three months before the existing product expires.
Commentary, Newcastle Building Society head of intermediary mortgages Francesco Di Pietro said: “We know how important it is for brokers to be able to offer existing customers competitive options as they approach adulthood.
“More than 70% of our customers with a product maturing this year will see a reduction in interest rates. By allowing brokers to change their clients’ deal three months before maturity, borrowers can start saving straight away. It also means brokers don’t have to wait until maturity to receive their proc fee.”