"This new scheme provides a great step and opportunity for first-time buyers, which I hope will grow over coming months and years."
The scheme helps first-time buyers and key workers onto the housing market with a discount of at least 30% below market value. On re-sale, the discount is then passed on to help future first-time buyers.
The Society will also lend up to 95% LTV (of discounted amount) on new build houses and flats on the scheme. Any first time buyer who uses the scheme through Skipton will also receive priority underwriting.
Skipton has launched two fixed-term products in line with the scheme, a two-year fix at 2.19% and a five-year fix at 2.21%.
Charlotte Harrison, Skipton’s head of mortgage products, said: “This new scheme provides a great step and opportunity for first-time buyers, which I hope will grow over coming months and years. As a mutual it’s important we continue to support customers and help them achieve their home ownership aspirations, so I’m pleased that at Skipton we’ve expanded our mortgage range to lend to those individuals looking to use the First Homes scheme."
Rachael Hunnisett, Skipton’s new build lead, commented: “With the distance between average wages and average house prices growing further apart, we need to see great innovation in the mortgage sector to support the next generation of first-time buyers. I’m delighted that at Skipton we will be lending to those first-time buyers looking to use the First Homes Scheme, a fantastic addition to our lending proposition, one of many steps we are taking to support home ownership as a purpose-led mutual.”
