Skipton Building Society have become the latest lender to provide mortgages designed for the government’s First Homes scheme. The lender joins the scheme that offers buyers at least a 30% discount to local first-time buyers and key workers looking to buy new build properties.
As part of the First Homes scheme, the new products that Skipton have added include a two-year fixed rate mortgage at 2.19% and a five-year fixed rate mortgage at 2.21%. Skipton announced that they will also
be lending up to 95% LTV of the discounted amount of new build houses and flats on the scheme.
Charlotte Harrison, Head of Mortgage Products at Skipton Building Society, released the following statement about the decision.
“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.”
New build lead Rachael Hunnisett added: “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.”
Buyers looking to utilise the First Homes scheme will also receive priority underwriting when looking to purchase a new build property.