Society among first to support First Homes scheme

We have become one of only seven lenders in the UK to support the roll out of the Government’s exciting First Homes initiative designed to help first time buyers and key workers get onto the housing ladder.

First Homes are a new form of affordable housing for new build properties, sold to first-time buyers with a discount of at least 30% against the market value – the discount remains attached to the property in perpetuity, enabling those with a deposit of only 5% of the property price access a new build property that may otherwise be out of their financial reach.

First Homes will be for first-time buyers only and councils will be able to prioritise them for local people and for key workers. The First Homes scheme is part of the government’s commitment to deliver 1 million new homes by 2024.

Along with 6 other banks and building societies, we are amongst the first batch of lenders stepping up to play our part in the initial phase of this exciting new initiative. One of the first developments is already underway in our Heartland Area, in Bolsover, before the Government funds a further 1,500 homes to become available by the end of 2021.

Head of Mortgage Sales, Andy Alvarez, said “We are absolutely delighted to be one of the first lenders supporting the First Homes initiative and giving first time buyers and key workers something to cheer as they take their first steps onto the housing ladder.

The scheme promises to be a great success, and with the first phase of developments being launched in our Heartland Area we didn’t need much convincing to get involved from day one.

We’re looking forward to being pioneers of a scheme that brings affordable home ownership that little bit closer for hard working individuals and families across the country.”

to find out more information about the First Homes scheme go to https://www.ownyourhome.gov.uk/scheme/first-homes/.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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