The Mansfield Building Society has become one of only seven lenders to support the rollout of the government’s First Homes initiative.

It is designed to help first time buyers and key workers get onto the housing ladder.

First Homes are a new form of affordable housing for new build properties, sold to first-time buyers at a discount of at least 30% against the market value. The discount remains attached to the property in perpetuity.

It will be for first-time buyers only and councils will be able to prioritise them for local people and for key workers.

One of the first developments already underway is in the society’s ‘heartland area’, in Bolsover, before the government funds a further 1,500 homes to become available by the end of 2021.

Andy Alvarez, the Mansfield’s head of mortgage sales, said: “We are absolutely delighted to be one of the first lenders supporting the First Homes initiative and giving first time buyers and key workers something to cheer as they take their first steps onto the housing ladder.

“The scheme promises to be a great success and we are already receiving interest. With the first phase of developments being launched in our heartland area, we didn’t need much convincing to get involved from day one.

“We’re looking forward to being pioneers of a scheme that brings affordable home ownership that little bit closer for hard working individuals and families across the country.”