The government’s First Homes Scheme is intended to help first-time buyers get onto the property ladder by offering homes at a discount. Read on to find out if you’re eligible…
The government’s First Homes Scheme offers buying discounts for first-time buyers, which could mean buying a home for 30 to 50% less than its market value. The home could be a new build built by a developer or a home bought through an estate agent, which someone else bought before through the scheme.
What’s the criteria?
There are certain criteria you need to meet in order to apply. You must be 18 or over, be a first-time buyer and be able to get a mortgage for at least half of the price of the property you intend to buy. You can’t be earning more than £80,000 a year before tax (or £90,000 if the property is in London). If you are buying with another person, you must both be first-time buyers.
Local eligibility
Individual councils may set their own local eligibility criteria. They may prioritise giving First Home discounts to key workers, people already living in the local area, and people on lower incomes.
More Information
For more information on the scheme, visit the government’s website.