FIRST HOMES EXPLAINED
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.