The mutual will offer four products for borrowers who wish to purchase new homes, with deals available up to 90% loan-to-value.

The two products available to borrowers with a 10% deposit are a two-year is fixed at 3.89% and the five-year at 4.10%.

At 85% loan-to-value a two-year fix at 3.04% and a five-year fix at 3.55% are both available.

All four products are fee-free and Steve Urwin, managing director of sales and marketing at Newcastle Building Society, said this would allow more buyers to purchase a new build property.

“The society has supported first time buyers for a number of years through our mortgage products with LTVs up to 95%,” he said.

“The launch of specific products for the new build market help will continue to support first time buyers and next time buyers in a market that has and is expected to expand in the next couple of years.

“The products have been designed with a range of fixed rate terms to offer flexibility, as well as fees free and cash-back options to help keep upfront cost low for first time buyers.”

New Newcastle Building Society new build range:

3.04% fixed rate fixed until 30.09.2017 followed by standard variable rate for the remainder of the term

£300 cashback (payable on completion)

Max LTV 85%

3.55% fixed rate fixed until 30.09.2020

£300 cashback (payable on completion)

Max LTV 85%

3.89% fixed rate fixed until 30.09.2017

£300 cashback (payable on completion)

Max LTV 90%

4.10% fixed rate fixed until 30.09.2020

£300 cashback (payable on completion)

Max LTV 90%