Newcastle Building Society has announced the launch of its 95% LTV mortgages range which will be available under the government’s First Homes scheme.

The society confirmed that a two-year fixed rate is available at 2.89% and a five-year fixed rate at 2.99%.

Newcastle’s products are amongst the first brought to market under the initiative, which allows first-time buyers to benefit from a discount of at least 30% on a new build property’s market value.

The government announced the launch of the scheme in June when Housing Secretary, Robert Jenrick, said it will give first-time buyers a chance to stay in their local areas rather than be forced out due to rising house prices

Newcastle Building Society chief customer officer, Stuart Miller, commented: “We’re pleased to launch our First Homes products, which will give brokers and their clients a competitive option on the pilot developments.

“By participating in First Homes, we’re delivering on our commitment to support first-time buyers, especially those without access to the bank of mum and dad. It’s one of several innovative initiatives we’re involved in to help low-deposit borrowers get on and up the property ladder.”

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