What is First Homes?
First Homes is a new government-backed scheme designed to help local first-time buyers and key workers in England onto the property ladder, by offering selected homes at a discount of 30% compared to the market price.
Buyers could save an average of £70,000, meaning both deposits and mortgages could be more affordable.
Do I qualify?
If all these statements apply to you then you qualify:
You're a first-time buyer and the First Home will be your only home.
Your household income does not exceed £80,000 (£90,000 in London). This may be lower if set by the local authority.
You have at least a 5% mortgage deposit available for the home you would like to buy.
You are able to get a mortgage or home purchase plan which covers at least 50% of the purchase price of the home.
You have the required local connection and/or key worker status as set by the relevant local authority.
How does it work?
The First Homes scheme is designed to help local first-time buyers and key workers in England buy their first home by offering selected homes at a discount of 30% compared to the market price.
On average buyers could save up to £70,000, making both deposits and mortgages more affordable. In some areas the discount could be as high as 50%, meaning even greater savings.
The discounts will apply to the property forever, so future buyers and the local community will continue to benefit each time the home is sold.
First Homes may be offered on a limited number of plots in new developments.
How can I find out more?
Detailed information on the First Homes scheme including eligibility requirements and application instructions can be found at https://www.ownyourhome.gov.uk/scheme/first-homes/