It will lend up to 95% loan-to-value of the discounted price on eligible properties
Loughborough Building Society has launched a mortgage product to support homebuyers using the government’s First Homes scheme.
Designed to make it easier for first-time buyers to buy a home in their local area, the scheme offers a discount of at least 30% off the open market value when buying a new build home.
Loughborough said it will lend up to 95% loan-to-value 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.
Read more: First Homes scheme sets out its case for change.
“The government assistance that the First Homes scheme provides is a step towards improving affordable housing solutions for prospective borrowers,” Ashley Pearson, national business development manager at Loughborough, said.
“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 homeownership aspirations.”
