The  Newcastle Building Society has launched a range of 95% LTV mortgages available under the government’s First Homes scheme.

The initiative, which allows first time buyers to benefit from a discount of at least 30% on a new build property’s market value.

A two-year fixed rate is available at 2.89% (3.9% APRC) and a five-year fixed rate is available at 2.99% (3.7% APRC).

Stuart Miller, chief customer officer at the Newcastle Building Society, said: “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.”