Scottish Building Society will be one of the first mortgage lenders to support borrowers through the Scottish government’s new First Home Fund.
The scheme will provide a £10,000 shared equity contribution from the Scottish Government towards the purchase of homes valued up to £300,000.
Shirley-Anne Somerville, Cabinet Secretary for Social Justice and Housing, said: “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.”
Scottish BS aims to facilitate this programme. Last year, the society doubled the number of first-time buyer mortgages it provided.
Paul Denton, CEO 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.
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“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.”