First Home Fund
Our team will make getting on the property ladder a whole lot easier
First Home Scheme
What is the first homes scheme?
This differs from the maximum 15% provided through the Help to Buy equity loan scheme (new build only) This does not replace the current Help to Buy: equity loan scheme which will also remain available for qualifying buyers of new build Talk to us today on 01786 451234
How does the First Homes scheme work?
Who is eligible for the First Homes scheme?
To be eligible you must:
1. Be a first-time buyer
2. Need to buy within your local area.
3. You must intend to live in the property (i.e. it cannot be a buy-to-let or holiday home).
Whilst the scheme is open to people of every profession, the Government have indicated that there will be professions that take priority.
These include the armed forces (both serving and veterans) and key workers (nurses, firefighters, police, logistics and teachers). The government has also added some associated price and salary caps to ensure the scheme targets those most in need.
These include:
• Property prices caps – subject to a £250,000 price cap across England, after the discount. With a higher cap £420,000 will apply in London.
• Household income – combined income capped at £80,000 across England and in London at £90,000. However, for the first three months of the sale local planning authorities will be able to set lowercase.
There are a number of First Homes coming onto the market so keep your eyes peeled in your local area.