Newcastle for Intermediaries has launched its new low-deposit mortgage proposition to the rest of market.

This follows its initial launch with London and Country Mortgages, Connells Group and Mortgage Advice Bureau in September.

First Step is designed to boost options for first-time buyers with smaller deposits looking to move quickly onto the property ladder, offering lending up to 98% loan-to-value (LTV).

Eligible borrowers require a minimum cash deposit of just £5,000, which can help them take the first step to home ownership with a maximum loan of up to £350,000.

A five-year fixed rate is available at 5.25% (6.2% APRC) and comes with a free standard valuation up to £550,000 and allows 10% overpayments per annum.

Newcastle Building Society head of intermediary mortgages Francesco Di Pietro says: “We know how challenging it is for many first-time buyers to save large deposits.

“First Step gives those who have worked hard to save a small deposit a genuine chance of owning a home, offering up to 98% LTV with a competitive five year fixed rate and straightforward eligibility checks.”

“It’s a practical solution designed to help more people take that first step into home ownership and we are pleased to be able to expand distribution to the wider market.”