Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Ecology Building Society Launches Mortgage for Scottish First-Time Buyers
Ecology Building Society has launched a new mortgage product aimed at supporting first-time buyers in Scotland. The Ecology First Homes Mortgage (Scotland) is available to those purchasing a property through the Scottish Government’s First Homes Fund.
The Scottish Government’s First Homes Fund provides up to £10,000 towards the purchase of a first home, helping buyers overcome the challenge of raising a deposit. Ecology Building Society is now the 11th official lender to participate in the scheme.
The new mortgage product offers up to 95% loan-to-value (LTV) on properties valued up to £300,000. It features a variable interest rate of 5.69% (5.8% APRC) and includes a free standard valuation.
For letting agents and inventory clerks, the introduction of this mortgage may increase activity in the Scottish first-time buyer market, potentially leading to more property transactions and new tenancies as buyers move onto the property ladder.
Source: Mortgage Strategy