Leeds launches bespoke products for First Homes purchasers

Jessica Bird

November 29, 2021

Leeds Building Society

Leeds Building Society has launched a bespoke set of products designed for purchasers using the government’s First Homes scheme.

First Homes offers homes to local first-time buyers at a discount of at least 30% compared to the market price, and was launched in June.

Leeds Building Society was among the first lenders to sign up to support the scheme, and was the first to receive an application from a First Homes purchaser, for a mortgage from its mainstream range.

Since then, Leeds has developed bespoke First Homes products, available up to 95% of the discounted purchase price.

The First Homes deals come with options such as no product fee or £250 cashback.

Highlights include a 1.84% 5-year fixed rate mortgage with a £799 product fee.

Matt Bartle, director of products at Leeds Building Society, said: “We were proud to be the first lender to receive a mortgage application under the First Homes scheme and are pleased to introduce these new products designed to appeal to this customer group.

“First time buyers are the lifeblood of the housing market so it’s great to see First Homes already delivering on its objective to help more people to step onto the property ladder.

“As a supporter of affordable housing purchasers, including through Shared Ownership and Help to Buy, we welcome innovation in this sector.

“As new schemes become established, we listen closely to feedback from customers and our intermediary partners so we can create more products to help people to have the home they want.”

Sign up to our daily email