The NewBuy scheme enables lenders to offer mortgages for up to 95% of the value of a newly-built property, partially underwritten by guarantees provided both by the government and the builder of the new home.

The seven-year deal is offered at 5.89% up to 96% Loan to Value (LTV) for first-time buyers and homemovers, fee-free and with £500 cashback.

Customers will be able to access the deal through the Halifax branch network and selected intermediaries.

Ian Wilson, head of sales at Halifax Intermediaries, said: “The long term nature of this deal will provide customers with the certainty of set monthly payments over a greater length of time; enabling potential buyers to purchase new homes they would have previously considered unattainable.”

In addition, Halifax Intermediaries has reduced its two-year fixed rates, including its 80-85% LTV to 4.79% and its 75-85% products for remortgages to 4.89%.

Halifax works alongside 23 of the UK’s house builders through the NewBuy scheme, providing 1 in 3 mortgages in the scheme so far.