The mutual will lend up to 95 per cent loan to value (LTV) on discounted purchase price on properties in England and Wales. It is a five-year fixed rate priced at 3.25 per cent and comes with a free standard valuation.
The scheme launched last year and aims to help first-time buyers onto the property ladder with a minimum 30 per cent discount on market price on certain new builds. The discount is decided by local authorities.
Around seven lenders initially signed up to the scheme providing up to 95 per cent LTV mortgages for the scheme. This includes Chorley Building Society, Darlington Building Society, Halifax, Leeds Building Society, Mansfield Building Society, Nationwide Building Society and Newcastle Building Society.
Dudley and Skipton Building Society have also released products to support the scheme.
The first applicants for the scheme were accepted in November, and the government confirmed that it aimed to build 1,500 homes over 100 locations by March next year following successful bidding by housebuilders.
Ashley Pearson (pictured), national business development manager at The Loughborough, said: “The government assistance that the First Homes Scheme provides is a step towards improving affordable housing solutions for prospective borrowers, and we’re really pleased to be involved in this important initiative.
“As a mutual, it’s important that we continue to support customers and help them achieve their home ownership aspirations.”
