Leeds Building Society receives first application for First Homes scheme.
This scheme seeks to help young buyers acquire their first homes.
Leeds Building Society has received the first mortgage application under the government’s new First Homes scheme. First Homes announced in June to offer homes to local first-time buyers at a discount of at least 30 percent compared to the market price.
Richard Fearon, CEO of the Leeds Building Society, welcomed the news of the first application under the scheme and confirmed that the Society had made a mortgage offer to this applicant.
He said, “We wanted to be a part of First Homes from the beginning, as first-time buyers are the lifeblood of the housing market and an important focus for us as a mutual,” Richard said.
He added: “I am proud to serve our purpose of helping people get the home they want, having helped a record number of first-time buyers up the property ladder in the first half of this year *, including through innovative national affordable housing plans. We expect First Homes to be similarly successful.”
“We can help more people buy a house.”
The first mortgage application was submitted by Mark Pender, Business Director and New Construction Specialist in the Mortgage Counseling Office of MAB New Homes Mortgages Ltd.
Mark commented, “As experts in providing advice on new home mortgages, it was fantastic to be able to submit the first application as part of the First Homes pilot program and get our clients approved in a week. New construction often requires specialist advice, and we are delighted to offer our expertise and participate in this affordable housing project.”
Barry Cummins, National Development Director for Homes England, said: “This marks an exciting step forward in the government’s First Homes program, which will play a key role in helping first-time buyers, especially key workers, move up the ladder housing ladder in your area. We expect to see many more mortgage applications like this in the coming weeks.”
Housing Secretary RT Hon Robert Jenrick MP said: “Enabling more people to buy their own home is at the heart of this Government’s mission, and First Homes offers a realistic and affordable route to homeownership for even more people than they want to own their own home own house.”
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