The First Homes Scheme
The First Homes scheme was first launched in 2021 it enables prospective first-time buyers in England to get homes at 30% and 50% discounted rates compared to market price.
The First Homes scheme aimed at helping first-time buyers get on the ladder through the provision of a discount.
There are eligibility requirements aside from being a first-time buyer, including a maximum household income of £80,000 (£90,000 in London) and at least half the purchase needs to be funded by a mortgage.
Each local council will have their own requirements, If you don’t know who your local council is, you can find it using this handy tool: https://www.gov.uk/find-local-council
For more information feel free to reach out. Our consultations are free: hello@mtge.uk
The important point to note with this scheme is if you sell the property down the line, the discount on the new value will be made available to any future buyer too. This scheme is not designed to make you money.
As well as being first-time buyers, you need to be aged 18 or above to qualify.