Loughborough Building Society has launched a mortgage to support homebuyers using the Government’s First Homes Scheme.
The scheme is designed to make it easier for first-time buyers to buy a home in their local area, by offering a discount of at least 30% off the open market value when buying a new build home.
The Loughborough will lend up to 95% loan to value (LTV) of the discounted purchase price on eligible properties located in England and Wales. The product is a five-year fixed rate at 3.25% with a free standard valuation.
Ashley Pearson, National BDM 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.”
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