Newcastle Building Society has issued a new range of First Homes products after testing the scheme in County Durham.
First Homes is a government programme that offers buyers a discount of at least 30% on new build homes to local first-time buyers and key workers.
The lender says that the Elder Garden development in Keepmoat was one of the first places to join the scheme and, since August 2021, Newcastle has issued offers to three quarters of the plots.
It is now offering a two-year fix at 2.35% and a five-year fix at 2.45%, with zero fees and a free valuation, for use on the planned 1,500 homes to be built over 100 sites.
Newcastle Building Society chief customer office Stuart Miller says: “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.”