Mansfield Building Society has become one of seven lenders in the UK to support the roll out of the government’s First Homes initiative.

The First Homes scheme is a form of affordable housing for new-build properties, sold to first-time buyers (FTBs) at a discount of at least 30% against the market value.

The discount remains attached to the property in perpetuity, enabling those with only a deposit of 5% access a new-build property that would otherwise be out of their financial reach.

First Homes will be for FTBs only, and councils will be able to prioritise them for local people and for key workers.

The First Homes scheme is part of the government’s commitment to deliver 1 million homes by 2024.

Mansfield Building Society, along with six other banks and building societies, is in the first batch of lenders stepping up to play their part in the initial phase of this initiative.

One of the first developments is already underway in Bolsover, before the government funds a further 1,500 homes to become available by the end of 2021.

Andy Alvarez, head of mortgage sales at Mansfield Building Society, said: “We are absolutely delighted to be one of the first lenders supporting the First Homes initiative and giving first time buyers and key workers something to cheer as they take their first steps onto the housing ladder.

“The scheme promises to be a great success and we are already receiving interest. With the first phase of developments being launched in our Heartland Area, we didn’t need much convincing to get involved from day one.

“We’re looking forward to being pioneers of a scheme that brings affordable home ownership that little bit closer for hard working individuals and families across the country.”