Barratt & David Wilson Homes Scotland has announced a new mortgage contribution initiative that could see new homeowners receiving up to £750 per month towards mortgage repayments.

The mortgage contribution initiative will see the housebuilder contribute £750 for every £25,000 of the purchase price of the property, up to a total of £15,000.

Buyers who reserve selected new homes and move in by 31st March 2023 are eligible, with some homeowners saving up to £15,000 on the first year of their mortgage repayments.

As the nation continues to battle the cost-of-living crisis, the new scheme will help potential buyers in Scotland to get on the property ladder at a time of inflation and rising household bills.

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Commenting on the initiative, Douglas McLeod, Regional Managing Director for Barratt Developments Scotland, said: "We're really pleased to announce our mortgage contribution initiative as we carry on our commitment to helping consumers to buy their own home.

"We understand that people still aspire to home ownership regardless of the economic environment. This new initiative has been developed to support buyers at this challenging time."

In addition to saving money on mortgage payments, by purchasing an energy efficient new build home, consumers could also save cash on their energy bills. Barratt Homes and David Wilson Homes feature highly thermally efficient insulation and argon-filled double-glazing, which could make homes up to 65 per cent cheaper to run, saving owners approximately £200 per monthcompared to an equivalent-sized Victorian home, according to recent research by the Home Builders Federation.

Douglas McLeod, Regional Managing Director for Barratt Developments Scotland further adds: "We hope that our mortgage contribution scheme, combined with the cost-saving benefits of an energy efficient home, will make a difference to consumers who are hoping to get on to the property ladder."

The mortgage contribution initiative applies to reservations taken on, or after, 20 October 2022 and legal completion must take place on, or before, 31 March 2023.