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First Homes Scheme

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First Homes Scheme

What is the First Homes Scheme?

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.

How does the First Homes Scheme work?

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 of, 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

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.

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.

To be eligible for the First Homes Scheme 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 which 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. To find out more information on First Homes, please follow the below link.

Please be aware you are about to be redirected to a government website: https://www.gov.uk/guidance/first-homes

Our experienced team are here to help you make purchasing

your new home a whole lot easier.

So why not contact us today and we will start by finding you your

perfect first mortgage.

How much can I borrow?

How much deposit do I need?

How much will it cost me each month?

How much will my stamp duty be?

How much can I borrow?

SUBJECT TO STATUS AND LENDING CRITERIA

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This is not a formal quotation or a commitment to lend. All figures provided are for illustrative purposes only. Figures provided will be dependent on your financial situation, property value and the size of your deposit or equity.
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New Homes Mortgage Helpline is part of The New Homes Group, the UK’s leading new homes specialist.

info@nhmh.co.uk

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  • Plaza Suite
  • Stanway Retail Park
  • Peartree Road
  • Colchester
  • Essex, CO3 0JS
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RATES ARE CORRECT AT TIME OF PUBLISHING

SUBJECT TO TERMS & CONDITIONS 

MORTGAGES ARE SUBJECT TO STATUS, VALUATION AND LENDER CRITERIA AND ARE NOT AVAILABLE TO PERSONS UNDER THE AGE OF 18.
A BROKER FEE MAY BE PAYABLE UPON MORTGAGE APPLICATION. ANY FEE PAYABLE WILL DEPEND ON YOUR CIRCUMSTANCES. YOUR MORTGAGE ADVISER WILL EXPLAIN ANY FEES APPLICABLE IN YOUR INITIAL APPOINTMENT.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU RE-MORTGAGE.
New Homes Mortgage Helpline is a trading name of The New Homes Group Limited which is registered in England and Wales under company number 2509770, Registered Office is Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire, LU7 1GN. VAT Registration Number is 500‍ 2481‍ 05.
For activities relating to regulated mortgages and non-investment insurance contracts, The New Homes Group Limited is an appointed representative of Connells Limited which is authorised and regulated by the Financial Conduct Authority.
Connells Limited’s Financial Services Register number is 302221. Most buy-to-let mortgages are not regulated.