Newcastle Building Society expands First Homes range

Newcastle Building Society has announced it is expanding the availability of its First Homes product range.

The range will now be available across all sites following a successful launch at a pilot development in Newton Aycliffe, County Durham.

Keepmoat’s Elder Garden development was one of the first to join the government’s First Homes scheme and since coming on the market in August 2021, Newcastle Building Society has issued offers on three quarters of the First Homes plots on the development. The first completions are expected to take place in the coming weeks.

The First Homes scheme offers homes at a discount of at least 30% compared to the market price. Local authorities can also prioritise the homes for key workers such as nurses and teachers who have been looking to get on the housing ladder while supporting their community throughout the pandemic.

Newcastle has now released a new range of products dedicated to the scheme, which is aimed at supporting first-time buyers across the UK, after plans were announced to build a further 1,500 homes across 100 sites under the initiative.

The society confirmed that its First Homes two-year fixed rate is now available at 2.35% (APR 3.7%), while a five-year fix is on offer at 2.45% (APR 3.4%). Both products offer a free standard valuation and come with zero product fees.

Newcastle chief customer officer, Stuart Miller, commented: “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. Our 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.”

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