Loughborough Building Society has unveiled 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 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.

Ashley Pearson, national BDM at the Loughborough, said: “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.

“As a mutual, it’s important that we continue to support customers and help them achieve their home ownership aspirations.”