Leeds Building Society has received the first mortgage application under the government’s First Homes scheme.
First Homes was announced in June, to offer homes to local first-time buyers at a discount of at least 30% compared to the market price.
Richard Fearon, chief executive officer of Leeds Building Society, confirmed the Society has made a mortgage offer to this applicant.
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He said: “We wanted to be part of First Homes from the outset as first-time buyers are the lifeblood of the housing market and an important focus for us as a mutual.
“I’m proud we deliver on our purpose to help people have the home they want, having assisted a record number of first-time buyers onto the property ladder in H1 this year, including through innovative national affordable housing schemes. We hope First Homes will be similarly successful.”
The application was submitted by Mortgage Advice Bureau’s Mark Pender, business principal and new build specialist at MAB New Homes Mortgages Ltd.
Pender said: “As experts in providing new homes mortgage advice it was fantastic to be able to submit the first application as part of the First Homes scheme pilot and get approval for our clients within a week.
New build often requires specialist advice and we’re thrilled to offer our expertise and be involved in this affordable housing project.”
Barry Cummins, national development director at Homes England, added: “This marks an exciting step forward in the government’s First Homes programme, which will play a key role in helping first time buyers – especially key workers – to get on the housing ladder in their area. We look forward to seeing many more mortgage applications like this in the coming weeks.”
The Housing Secretary Robert Jenrick said: “Enabling more people to buy their own home is at the heart of the mission of this government, and First Homes offers a realistic and affordable route into home ownership for even more people who want to own their own home.
“I am delighted the first mortgage applications are beginning to come in following the scheme’s launch. These homes will be locked in for perpetuity to first-time buyers and key workers from their local area – making them an asset to both their owners and the wider local community, offering more local people and families a route into home ownership where they already live.”