First Homes Scheme

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First Home Scheme

What is the First Homes Scheme?

This government scheme will provide discounted homes for first time buyers in England who otherwise wouldn’t necessarily be able to afford to buy one.

Under this scheme first-time buyers will be able to purchase a new-build home in the local area, at a discount of at least 30% of the market price. 

How does the First Homes Scheme work?

Housebuilders are building new homes specifically for this scheme, which will be built to the same specification and standard of their other new-build properties.
These homes will then be sold at a discount of at least 30% of the market price. However in areas where property prices are high, local councils can increase this discount by up to another 20%. The discount therefore could be as high as 50% of the selling price in some areas and these properties will only be available to purchase by first-time buyers.

Please note unfortunately if buying as a couple, neither party can have previously owned a property.

If you purchase a home under the First Homes Scheme and after some time, decide to sell your home, the property will be independently valued and the relevant scheme discount be re-applied to the sale price for the next first-time buyer/owner to take advantage off, they will face the same buying conditions as you did initially (ie. Must be a first time buyer).

This is done to ensure properties will always be sold below the market value, and therefore benefit the future generations of first-time buyers.

Who is eligible for the First Homes Scheme?

To be eligible you must:

1. Be a first-time buyer

2. Buy within your local area.

3. You must intend to live in the property.

(i.e. it cannot be a buy-to-let or holiday home).

Whilst the scheme is open to people of every profession, the Government have indicated that there will be professions that take priority. These include the armed forces (both serving and veterans) and key workers (nurses, firefighters, police, logistics and teachers).

The Government has also added some associated price and salary caps to ensure the scheme targets those most in need.

More details can be found by visiting:  

Our experienced team are here to help you make purchasing your new home a whole lot easier.

So contact us today and we'll start by matching you to your perfect first mortgage.

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