The lender is relaunching its full Help to Buy Equity range including a two-year fixed rate of 2.19% (3.7% APR) and a five-year fix at 2.49% (3.4% APR), both available at a maximum loan-to-value (LTV) of 75%.

Both products offer free standard valuation, £500 cashback and allow 10% overpayments per annum  – all of which have been included in the package with first-time buyers in mind.

Alternatively, borrowers can remortgage their existing Help to Buy mortgage and benefit from the competitive rates whilst maintaining their equity loan.

John Truswell, head of intermediary mortgages at Newcastle Building Society, said: “The New Build market is still under served with product options for first time buyers.

“So we’re pleased to be re-entering the Help to Buy market and support borrowers looking to get on the ladder with only a 5% deposit.”