Loughborough Building Society has launched a mortgage to support homebuyers using the government’s first homes scheme.

The scheme is designed to make it easier for first-time buyers to buy a home in their local area, by offering a discount of at least 30% off the open market value when buying a new build home.

The Loughborough says it will lend up to 95% loan to value (LTV) of the discounted purchase price on eligible properties located in England and Wales. 

The product is a five-year fixed rate at 3.25% with a free standard valuation.

Loughborough Building Society national business development manager Ashley Pearson says: “The government assistance that the first homes scheme provides is a step towards improving affordable housing solutions for prospective borrowers, and we’re really pleased to be involved in this important initiative.”