Scottish Building Society backs new First Home Fund for first-time buyers
Scottish Building Society has become one of the first lenders to support the Scottish Government’s new First Home Fund, which offers eligible buyers a £10,000 shared equity contribution towards a home purchase.
Scottish Building Society has announced it will support the Scottish Government’s new First Home Fund, becoming one of the first mortgage lenders to participate in the scheme aimed at helping more first-time buyers onto the property ladder.
Launching today, the fund will provide eligible buyers with a £10,000 shared equity contribution towards the purchase of a property valued at up to £300,000. The initiative is designed to help overcome affordability challenges and reduce the time required to save for homeownership.
The scheme builds on Scottish Building Society’s focus on the first-time buyer market. The mutual said it doubled the number of first-time buyer mortgages it provided last year as it continued to develop lending options for borrowers facing a range of affordability and access challenges.
Paul Denton, chief executive of Scottish Building Society, said: “Helping people buy their own homes remains one of our key priorities and yet buying a first home is still out of reach for so many. Last year we doubled the number of first-time buyers we supported, and we know that many aspiring homeowners continue to face significant affordability challenges.
“There is no single solution to improving access to homeownership. Different buyers have different circumstances, which is why it is important that a range of options are available to help people take that first step. The First Home Fund is a welcome addition to the support already available and will provide another route into homeownership for eligible buyers.
“We are proud to be among the first lenders supporting this new scheme and look forward to helping even more people realise their ambition of owning a home.”
Cabinet Secretary for Social Justice and Housing Shirley-Anne Somerville said: “We know how hard it is to get that first foot on the property ladder and the opening of this fund is a direct response to stories I have heard from so many people who are keen to buy their first home.
“The First Homes Fund is part of a broader programme of action, supported by a record £4.9bn investment in affordable housing over the next four years.
“We promised to act to make life easier for many and fairer for all and, through the First Homes Fund, we are delivering on that promise.”
Sandy Begbie, chief executive of Scottish Financial Enterprise, added: “Our sector plays a key role in helping individuals realise navigate key life moments and realising their ambitions. Getting on the housing ladder is one of these aspirations and this fund will support first-time buyers across Scotland.
“Many people face significant barriers to home ownership and we welcome the support our members have demonstrated in helping to deliver this scheme.
“We also look forward to working with the Scottish government on the wider housing challenges and opportunities here in Scotland.”
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