Commenting on today’s announcement, Paul Broadhead, BSA Head of Mortgage & Housing Policy, said:
"The BSA welcomes the Government's announcement today on its First Homes and Help to Build schemes.
“The First Homes scheme forms a key part of Government’s offer to first-time buyers. Building societies have always been dedicated to supporting families and individuals to buy their own home and we’re pleased that eight building societies are offering mortgages in support of the scheme.
“We will continue to work with Government to scale up capacity as First Homes developments increase.”
“The Help to Build scheme delivers on a key manifesto commitment for the Government. The majority of lenders who are active in the self-build market are small and regional building societies, whose more bespoke approach to underwriting and releasing funds has often been necessary with these mortgages.
“Our research shows that 1 in 3 people are interested in building their own home at some point in the future, rising to 48% among 18 to 24 year olds. We will work closely with the Government to operationalise Help to Build and hope it achieves a level of success relative to its sister Help to Buy scheme.”
The eight building societies offering mortgages for the First Homes Scheme are:
Chorley Building Society
Darlington Building Society
Leeds Building Society
Mansfield Building Society
Nationwide Building Society
Newbury Buiding Society
Newcastle Building Society
Skipton Building Society