The Leeds Building Society has received the first mortgage application under the government’s new 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, Leeds Building Society’s Chief Executive Officer, 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 first mortgage application was submitted by Mortgage Advice Bureau’s Mark Pender, business principal and new build specialist at MAB New Homes Mortgages.
He 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.”
