Scottish Building Society, the world’s oldest remaining mutual, will be one of the first mortgage lenders to support borrowers through the Scottish Government’s new First Home Fund.

Launching today (Wednesday 24 June), the scheme will provide a £10,000 shared equity contribution from the Scottish Government towards the purchase of homes valued up to £300,000, helping eligible buyers overcome affordability barriers and enter the housing market sooner.

The move builds on Scottish Building Society’s longstanding commitment to supporting first-time buyers. Last year the Society doubled the number of first-time buyer mortgages it has provided, continuing its focus on helping more people achieve homeownership through a range of lending solutions tailored to different circumstances.

Paul Denton, CEO of Scottish Building Society, said:

“Helping people buy their own homes remains one of our key priorities and yet buying a first home is still out of reach for so many. Last year we doubled the number of first-time buyers we supported, and we know that many aspiring homeowners continue to face significant affordability challenges.

“There is no single solution to improving access to homeownership. Different buyers have different circumstances, which is why it is important that a range of options are available to help people take that first step. The First Home Fund is a welcome addition to the support already available and will provide another route into homeownership for eligible buyers.

“We are proud to be among the first lenders supporting this new scheme and look forward to helping even more people realise their ambition of owning a home.”

Cabinet Secretary for Social Justice and Housing Shirley-Anne Somerville said:

“We know how hard it is to get that first foot on the property ladder and the opening of this fund is a direct response to stories I have heard from so many people who are keen to buy their first home.

“The First Homes Fund is part of a broader programme of action, supported by a record £4.9 billion investment in affordable housing over the next four years.

“We promised to act to make life easier for many and fairer for all and, through the First Homes Fund, we are delivering on that promise.”

Sandy Begbie CBE FRSE, CEO Scottish Financial Enterprise:

“Our sector plays a key role in helping individuals realise navigate key life moments and realising their ambitions. Getting on the housing ladder is one of these aspirations and this fund will support first-time buyers across Scotland.

“Many people face significant barriers to home ownership and we welcome the support our members have demonstrated in helping to deliver this scheme.

“We also look forward to working with the Scottish government on the wider housing challenges and opportunities here in Scotland.”

Interested parties can enquire here:

Business Development Managers | Intermediary Hub | Scottish BS