The lender has also launched a new range of fee-free products.

Newcastle Building Society has today announced it will reduce its mortgage Standard Variable Rate (SVR) by 0.19% to 6.75% from 1st April 2025.

Nationwide also introducing a range of new £1,499 fee products at 90% and 95% LTV.

The cheapest two-year fix is now 0.60% lower than this time last year.

Rates have reduced by up to 0.30% across the new business range.

Rates have reduced by up to 0.25%.

The lender has reduced five-year standard and standard cashback product rates.

The bank has also enhanced its buy-to-let lending criteria.

Two and five-year fixed rates are now 0.37% and 0.12% lower than in March 2024.

10-year fixed rate residential products have seen the largest reductions.