You are here: Home - News -

Newcastle Building Society adds First Homes products after pilot success

  • 20/01/2022
  • 0
Newcastle Building Society adds First Homes products after pilot success
Newcastle Building Society is widening the availability of its products under the government's First Homes scheme across all sites following a successful pilot development in County Durham,

Keepmoat’s Elder Gardens in Newton Aycliffe was one of the first developments to join the government’s housing scheme, which aims to help local people buy homes in the communities where they live and work.

The scheme, which was launched in June last year with seven lenders signing up, offers residential properties at a discount of at least 30 per cent compared to the market price with a goal of building 1,500 new homes across 100 locations.

The first applicants, a police officer and a nurse, were accepted on to the scheme in November last year.

Since August, when the group of two to four bedroom homes at Elder Gardens first came on the market, the mutual has issued offers on three quarters of the First Homes plots in the development.

According to the mutual, first completions are expected in the coming weeks.

The lender has released a new range of loans related to the First Homes scheme, including a two-year fixed rate at 2.35 per cent, as well as a five-year fixed at 2.45 per cent. Both include a free standard valuation and no product fees.

Stuart Miller (pictured), chief customer officer at Newcastle BS, said: “As a building society we’re committed to helping people in our communities achieve the dream of home ownership. Not only does the scheme give people an innovative way to buy a home in their local area it’s a great example of industry collaboration giving home buyers more options.”

Newcastle BS launched a range of 95 per cent loan to value products for the First Homes scheme in July last year.

There are 0 Comment(s)

You may also be interested in