Leeds Building Society will introduce a range of shared equity mortgages to coincide with the relaunch of Scotland’s First Home Fund, which helps first-time buyers onto the property ladder.

The mutual will launch a range of products that fall within the scheme on Thursday 1 April.

These include a two-year fixed rate product at 2.14 per cent available up to 75 per cent loan to value. A two-year fixed rate at 3.09 per cent available up to 85 per cent LTV.

And a five-year fixed-rate mortgage at 3.14 per cent available up to 85 per cent LTV.

The building society says these three products come with no product fee and £500 cashback.

The lender says it has improved its range by adding fixed rate deals up to 85 per cent LTV with £500 cashback, since Scotland’s First Home Fund was piloted in 2019.

The First Home Fund is a shared equity scheme, which provides first-time buyers with up to £25,000 to help them buy a property.

This year’s fund opens on 1 April with a pot of £60m, which the Scottish government estimates will help around 12,000 first-time buyers.

Leeds Building Society director of products Matt Bartle says: “We have drawn on our experience within the shared equity market, our popular previous products, and consulted with intermediaries to design a range that will support First Home Fund and other shared equity schemes.”

Bartle adds: “We understand that everyone’s individual circumstances are different and so we use our experience to offer incentives which help a range of different customers, including fee free and cashback options. Cash available at the start of a mortgage, for example, is often handy to cover some of the costs associated with buying and moving into a new home.”