The product is exclusive to the lender and is available on a two-year fixed rate at 3.55 per cent up to 95 per cent loan to value (LTV). It also comes with £1,000 cashback, no product fees and free standard valuation.
The cashback is designed to help with the costs of repaying the equity loan, according to the lender.
Borrowers can also elect to take out a two-year fixed rate at 2.19 per cent or a five-year fixed rate at 2.49 per cent up 75 per cent LTV, with a maximum loan of £450,000 although regional caps apply.
Both the above products also come with no product fees and free standard valuation, and all the products permit 10 per cent overpayments per year, as well as £499 a month.
The lender has extended the end dates of its Help to Buy range to January 2025 and January 2027. The previous end date was September 2023 and 2026.
Newcastle Building Society’s head of intermediary mortgages Franco Di Pietro said: “We’re delighted to introduce new products to our Help to Buy range to support the strong demand we continue to see in this market.
“These products provide a competitive and flexible offering to support first-time buyers onto the property ladder alongside those with an existing Help to Buy mortgage now moving onto the next stage and looking to remortgage.”
The Help to Buy scheme, was launched in 2013, with the latest iteration of the scheme launching in April this year and running until 2023.
The scheme aims to help first-time buyers with smaller deposits get on the property ladder via new builds, with the government lending up to 20 per cent of the cost of a newly built home, and up to 40 per cent in London.
Borrowers in turn need to produce at least 5 per cent of the price of the home, with the rest of the purchase coming from a mortgage.
According to the latest statistics from the Ministry of Housing Communities and Local Government 328,506 properties have been bought with an equity loan, with the total value of properties sold under the scheme coming to £91.1bn and the total value of equity loans pegged at £20.1bn.
Just over 80 per cent of all completions have been completed by first-time buyers.
