Newcastle Building Society has updated its Deposit Unlock offering in response to growing customer demand.

Deposit Unlock is a mortgage indemnity scheme developed and launched in partnership with the Home Builders Federation and insurance brokers Gallagher Re.

Available initially only on selected new build plots through a small number of builders, the number of participating developers has since grown to 19, with eligible sites now located nationally.

70% of applications to Newcastle Building Society under the scheme have been from first time buyers with almost all purchases completing at the maximum LTV of 95%.

In response to increasing national demand for longer term fixed rates and to provide borrowers with even greater choice, Newcastle Building Society has added new three-year fixed rate products to its Deposit Unlock range.

Stuart Miller, chief customer officer at Newcastle Building Society said: “I’m delighted that we have been able to help people achieve their dreams of home ownership through Deposit Unlock – that’s thanks to the hard work of everyone involved in the scheme, not least our intermediary partners. It’s even more rewarding to know that it’s first time buyers, particularly, who are benefiting from the scheme and shows how this product innovation is making a real difference.”

Deposit Unlock is just one of the ways Newcastle Building Society supports the needs of first time buyers and low deposit borrowers. The lender also issued an update on its participation in the government’s First Homes scheme, highlighting that of all First Homes purchases since the scheme launched nationally last year, Newcastle Building Society has completed on almost half.

Miller added: “The cost of living squeeze makes it even harder for first time buyers and low deposit borrowers to get on and up the property ladder, demonstrating the importance of collaborative innovation in the mortgage industry. As the leading provider of both Deposit Unlock and First Homes mortgages, we’re seeing consistent interest in both schemes. That’s even before Help to Buy comes to an end next year, at which point these initiatives will become even more critical for first time buyers in an already challenging market.”