Ecology Building Society launches mortgage for Scottish FTBs
The Ecology First Homes Mortgage (Scotland) can provide loans of up to 95% LTV on new-build and existing properties worth up to £300,000.
Ecology Building Society has launched a mortgage for first-time buyers (FTBs) using the Scottish Government’s First Homes Fund.
The Ecology First Homes Mortgage (Scotland) can provide loans of up to 95% loan-to-value (LTV) on new-build and existing properties worth up to £300,000.
It has a variable interest rate of 5.69%, an annual percentage rate of charge of 5.8% and includes a free standard valuation.
Applicants can borrow up to 5.5 times their income.
The mortgage is available to permanent Scottish residents aged 18 or over who are buying a property in Scotland.
At least one applicant must be a FTB.
Gareth Griffiths, CEO at Ecology Building Society, said: “For many aspiring homeowners, the dream of buying a first home can feel increasingly out of reach.
“Rising house prices and the challenge of saving for a deposit mean too many people are locked out of home ownership.
“The Scottish Government’s First Homes Fund is helping to change that, and we’re delighted to launch a mortgage designed specifically to work alongside it.”
Griffiths added: “By combining government support with higher loan-to-value lending, we’re making it easier for first time buyers to turn ambition into reality.
“This is also a powerful example of the importance of where you place your money.
“Savings deposits with Ecology are used to support people, communities and projects that deliver positive change.”
He said: “Helping more people secure a place to call home is exactly the kind of difference our Members want their money to make.”
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