The lender has become the 11th official provider of the scheme, where the Scottish government gives first-time buyers up to £10,000 towards the purchase of their first home.
Ecology Building Society will finance the purchase up to 95% loan to value (LTV) on new-build or existing properties worth up to £300,000.
The product has a free standard valuation and a variable interest rate of 5.69%. It also has an income multiple of 5.5.
Gareth Griffiths, chief executive of Ecology Building Society, said buying a home felt “increasingly out of reach” for many aspiring homeowners, adding that raising a deposit and rising house prices locked people out of homeownership.
He added: “The Scottish government’s First Homes Fund is helping to change that, and we’re delighted to launch a mortgage designed specifically to work alongside it. By combining government support with higher LTV lending, we’re making it easier for first-time buyers to turn ambition into reality.
£2.5m paid to help broker clients benefit from greener homes
Sponsored by Halifax Intermediaries
“This is also a powerful example of the importance of where you place your money. Savings deposits with Ecology are used to support people, communities and projects that deliver positive change. Helping more people secure a place to call home is exactly the kind of difference our members want their money to make.”
The Scottish government has committed £500m to the First Homes Fund, with the programme expected to support more than 10,000 first-time home purchases across Scotland.
