From today, Nationwide Building Society is accepting mortgage applications from borrowers looking to participate in the Scottish Government’s Help to Buy equity loan scheme.

Equity loans will be available to all home buyers in Scotland purchasing a new-build property who meet the Help to Buy (Scotland) scheme criteria, including first time buyers and home movers, purchasing their only property in Scotland up to a maximum value of £400,000.

Buyers must have a 5% deposit, based on the purchase price. The property is then part financed (up to 20% and a minimum of 10%) by an equity loan from the Scottish Government.

Under the Help to Buy (Scotland) scheme the equity loan will be interest free.

Tracie Pearce, head of group mortgages at Nationwide, said: “We are now accepting Help to Buy applications in Scotland as we are keen to support the Scottish Government’s efforts in helping the mortgage market to move forward.”

“It is another way that Nationwide customers in Scotland can access great deals to help them onto – or move up – the property ladder.”