First Homes is a new government scheme designed to help local first time buyers and key workers onto the property ladder, by offering homes at a discount of 30% compared to the market price.
The scheme aims to help local people buy within their current area, in locations where house prices might make this financially challenging relative to their income.
The discounts apply to the homes forever, meaning that generations of new buyers and the local community will continue to benefit every time the property is sold.
ARE YOU ELIGIBLE?
All purchasers must be first time buyers
Purchasers must have a combined annual household income of no more than £80,000 (£90,000 in London).
You should have a mortgage or home purchase plan (if required to comply with Islamic law) to fund at least 50% of the discounted purchase price.
These criteria apply at all future sales of a First Home.
Local authorities may also set additional local eligibility criteria, designed to help local people purchase homes in the area where they currently live or work, or to support people with priority occupations.
To find out more about First Homes, and any local eligibility criteria at a development, speak to one of our Sales Executives.
HOW DOES IT WORK? STEP ON THE PROPERTY LADDER WITH A 30% DISCOUNT
Find a Crest Nicholson development offering First Homes and select the home you would like to purchase
Talk to your Sales Executive to find out more about First Homes and discuss your eligibility against the standard scheme criteria and any additional local criteria which may apply at that development
If it looks like you could be eligible, your Sales Executive will guide you through the Reservation process and help you to complete the First Homes application form which will be sent to the local authority to review
Once the local authority has approved your application, you can apply for your mortgage and proceed to exchange on your new home.
WHEN WILL HOMES BE AVAILABLE WITH FIRST HOMES?
The First Homes scheme launched by the government in June 2021 and is being rolled out over the next two years across England. Whilst availability is currently limited, the First Homes scheme will launch soon. Find a development near you with First Homes below and register your interest today.
First Homes are newly built homes for local and key worker first-time buyers
The homes are offered at a discount of at least 30% compared to prices of equivalent properties on the open market
The discount will apply to the First Home forever - this means the same percentage discount from the original sale will be passed on to the new buyer every time the home is sold
Local authorities are able to set lower price caps as part of local policy.
What type of properties are First Homes?
First Homes are homes suitable for first-time buyers
First Homes are of the same type and quality, and meet the same standards, as the other newly built homes for open market sale within the same development
The maximum price of a First Home, after the discount has been applied is £250,000 in England (£420,000 in London).
Who is eligible for First Homes?
All purchasers must be first-time buyers
Purchasers will also need to comply with any local connections restrictions, or key worker restrictions, set by the local authority where the First Home is located
The purchaser’s household’s income must be no more than £80,000* in England (or £90,000 in London)
The current eligibility criteria will apply to all future sales of each First Home.
Buyers will need a mortgage covering at least 50% of the price of the First Home.
How can I use my First Home?
You can decorate and update your First Home as you wish, in keeping with planning rules, any leasehold restrictions and the terms of your mortgage
First Home must be the only residential property you have for the duration of your First Home ownership
You may be allowed to let out your First Home in some circumstances, but only with the prior approval of the local authority and the consent of your mortgage provider.
Lodgers are permitted, as long as the home remains your only residence
Should you wish to move home, you can sell your First Home to another eligible buyer. The percentage discount that applied when you bought the First Home would also apply on the sale price. The percentage discount is fixed and cannot change, even if you have made improvements to your home.
Home Reach is a part buy-part rent scheme designed to make home buying more accessible. When you buy your new Crest Nicholson home with Home Reach, you purchase a share of your new home and pay a low monthly rent on the share you don't buy.