TSB has put its support behind the Scottish government’s First Home Fund pilot scheme, which provides first-time buyers with up to £25,000 interest-free to help with their purchase.

The £150m scheme was launched in December last year and has ambitions to help up to 6,000 people move into their first home.

Now, borrowers will be able to apply for a mortgage from TSB’s shared equity product range for loans of up to £250,000. Borrowers will need 5 per cent of the deposit amount, however.

TSB head of mortgages Nick Smith says: “We’re pleased to support the First Home Fund – a scheme we expect to be very popular amongst first-time buyers hoping to take their first steps onto the housing ladder.

“It’s a well-known fact that minimum deposits can be a huge barrier to getting on the housing ladder, while other existing schemes are often targeted towards new build properties. With no maximum property value and a potential to be used for both new and existing homes, this scheme offers first-time buyers the flexibility they need to realise their housing aspirations.”

This comes on the back of the news of both Vida Homeloans and Mansfield Building Society throwing their weight behind the scheme, as reported earlier this month.