The product comes with free legal fees for re-mortgages in England and Wales or a cash back alternative for house purchase customers or remortgages in Scotland.
There is also a free standard valuation for properties up to £500,000.
It is available on a semi-exclusive basis via Openwork, Legal & General, Your Move, Intrinsic, Positive Solutions and Brilliant Solutions.
Steven Marks, intermediary services executive at Newcastle Building Society, says: “We continuously endeavour to offer the broker market products we have developed with their customer’s needs in mind.
“With industry insiders regularly talking about a rise in interest rates being on the horizon the launch of this competitive five-year mortgage product is predicted to prove popular for borrowers who want to take advantage of the opportunity to fix a low rate now.”