According to the lender, the new rates are available from 3.40% with a reservation fee of £199 and a completion fee of £299. Also on offer is a two-year fix at 3.99% with free standard valuation, 10% overpayments per annum and £500 cashback. Both products allow 10% overpayments per annum.
Remortgage customers have the option of either cashback or free legal fees.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “We’re committed to supporting more first-time buyers get a foothold on the property ladder and I’m pleased we can offer a reduction in our rates to help them do that. These products are designed for borrowers who have a small deposit and are looking for a competitive deal.”