Ecology becomes 11th First Homes Fund lender with Scotland FTB mortgage

By Scott Craig

Ecology Building Society has launched a First Homes Mortgage (Scotland), designed to help first-time buyers in Scotland take their first step onto the property ladder through the Scottish Government’s First Homes Fund.

They have become the 11th lender to become part of the first home fund shared-equity scheme. Under the scheme:

  • The Scottish Government can take up to a £10,000 equity stake in the home
  • Ecology finances the rest with a repayment mortgage

The mortgage is a variable-rate product priced at 5.69% (subject to a 3% minimum), with a representative APRC of 5.8%.

Features include:

  • up to 95% loan-to-value on homes up to £300,000 (maximum loan £285,000, subject to eligibility and affordability).
  • Available for new-build or existing homes in Scotland
  • borrowing of up to 5.5 times income,
  • a free standard valuation,
  • a maximum term of 40 years,
  • and a £299 Ecology application fee.

Applicants need permanent Scottish residence and a minimum age of 18, with first-time buyer status required for at least one person on the application.

Applications are submitted through an independent financial adviser once an offer is accepted (or a new-build is reserved).

Rates, fees, and eligibility can change; buyers should check Ecology and mygov.scot for current criteria.

Sources

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