First Homes is a new 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. In some areas the discount could be as high as 50%, providing even greater savings.
The discounts will 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.
- Purchasers of First Homes must be first-time buyers and must have a household income not exceeding £80,000 and £90,000 in London (or lower if set by the local authority).
- Post-discount price caps on first sale of the property of £250,000 across England and £420,000 in London (or lower if set by the local authority).
- A First Home should be the buyers only home and a purchaser will need to use a mortgage or home purchase plan for at least 50% of the purchase price of the home.
- Local connections and/or key worker status as determined by the relevant local authority.
Your home may be repossessed if you do not keep up repayments on your mortgage.