Nationwide Building Society will be accepting mortgage applications from those looking to participate in the Scottish government’s first-time buyer equity share scheme, the First Home Fund.
The new scheme will help first-time buyers in Scotland buy their own home, with the Scottish government offering an equity loan of up to £25,000.
The buyer will provide a minimum deposit of 5% of the purchase price.
Unlike other Scottish Government shared equity schemes, the First Home Fund allows buyers to purchase both existing and new build properties.
The First Home Fund runs alongside, although cannot be combined with existing schemes such as Help to Buy (Scotland) and Open Marked Shared Equity.
Henry Jordan, director of mortgages at Nationwide, said: “We welcome any schemes designed to assist first time buyers onto the housing ladder especially because, as a mutual, the society was founded with the purpose of helping people into homes of their own.
“We are, therefore, pleased to be supporting the Scottish government’s first-time buyer equity share scheme by accepting applications, which will give existing Nationwide members and new customers in Scotland access to the Society’s highly competitive mortgage deals.”
Customers wishing to enter the scheme will have access to Nationwide’s competitive Shared Equity product range, which includes 2-year and 5-year fixed rate options as well as a 2-year tracker product all at a range of LTVs.
This news comes as the Scottish Building Society also signed up for the First Homes Fund.