Seven initial First Homes Scheme lenders revealed

The seven initial lenders supporting the government's new First Homes Scheme have been revealed.

Related topics:  Mortgages
Rozi Jones
4th June 2021
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"We are working with the sector to help bring forward mortgages for First Homes as soon as possible."

The Scheme will help local first-time buyers onto the property ladder by offering homes at a discount of at least 30% compared to the market price.

Six of the seven initial lenders supporting the Scheme are building societies: Chorley, Darlington, Leeds, Mansfield, Newcastle and Nationwide.

The societies are joined by Halifax, which has also confirmed that it will be offering high LTV mortgages against First Homes to support the roll-out of the scheme.

The first First Homes properties went on the market today as part of the first phase of an early delivery project in the Bolsover district, East Midlands.

Further sites are set to launch across the country in the coming weeks. A further 1,500 will enter the market from the autumn, with the government pledging to deliver at least 10,000 homes a year in the years ahead.

Robin Fieth, chief executive of the BSA, said: "Building societies have always been dedicated to bringing home ownership within reach for as many people as possible, which is why we are working with the sector to help bring forward mortgages for First Homes as soon as possible. Building societies, both large and small, are pleased to be among the first lenders to offer mortgages in support of this new product.”

Andrew Haigh, chief executive of the Newcastle Building Society, commented: “Home ownership can often feel out of reach for first-time buyers – especially those without access to the bank of mum and dad. We’re committed to delivering innovative ways to help first-time buyers find affordable and sustainable ways to own their own home."

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