Mansfield Building Society supports new initiative to help first-time buyers and key workers

First Homes are a new form of affordable housing for new build properties sold to first-time buyers at a discount of at least 30 per cent against the market value.

The discount remains attached to the property in perpetuity, enabling those with only a deposit of five per cent access to a new-build property.

First Homes – part of the Government’s commitment to deliver one million homes by 2024 – will be for first-time buyers only and councils will be able to prioritise them for local people and key workers.

Mansfield Building Society along with six other banks and building societies, are among the first batch of lenders stepping up to play their part in the initial phase of the initiative, with one of the first developments already underway in Bolsover.

Mansfield’s head of mortgage sales, Andy Alvarez, said: “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.”

For more information about the First Homes scheme go to https://www.ownyourhome.gov.uk/scheme/first-homes/

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