As a method to aid local first-time buyers to get onto the property ladder, the Government have designed a scheme to provide discounted housing in
England to first-time buyers. The main purpose of the scheme is to give the first-time buyer(s) at least 30% off compared to the full market value.
The general principle of this new scheme gives first-time buyers a discount of 30% to 50% off of the market price of the home. The scheme is only available in
England and affects properties which are new build or previously subject to this scheme.
For the scheme to be used, there are requirements which must be met: –
Price of Property:
Individual Criteria:
It may also be that the Local Authority apply additional conditions including being a local resident or being a key worker. Exemptions to these additional criteria set by the local authority can be found on https://www.gov.uk/first-homes-scheme
You’re exempt from local council conditions if you’re:
To benefit from this scheme, contact the developer of the property who will be able to assist you with your application to the Local Authority. The Local Authority will review your application to ensure that you have met all the criteria and will provide you, the developer, and your mortgage advisor with the decision they have concluded.
If your application to the Local Authority is successful, we would be able to assist you with the purchase of the property including satisfying any of the Local Authority’s instructions. You will also need to apply for your mortgage through your mortgage advisor.
It is worth noting that the discount you receive, will be applied to the property forever and as such the same percentage discount will be applied if and/or when you come to sell the property. It is also a requirement that any future buyer(s) of your property must also satisfy the scheme’s eligibility.
Yes, you can, provided they are also a first-time buyer. Any current and future buyer(s) must be first-time buyers.
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