A First Homes 2-year fixed rate is now available at 2.35%, as well as a 5-year fix at 2.45%. Both products offer a free standard valuation and come with zero product fees.

Stuart Miller, chief customer officer at Newcastle Building Society, said: “As a building society we’re committed to helping people in our communities achieve the dream of home ownership.

“We’re fully supportive of the First Homes scheme and thrilled with the popularity of our First Homes products on the Newton Aycliffe development, with offers made on three quarters of the First Homes plots at Elder Garden right here in our heartland.

“Not only does the scheme give people an innovative way to buy a home in their local area, it’s a great example of industry collaboration giving home buyers more options.

“Newcastle Building Society’s new First Homes product range is designed to support the wider roll out of the scheme and help even more people get onto the property ladder.”