The government has launched it’s ‘First Homes Scheme’ which aims to provide local first time buyers and key workers with, at least, a 30% discount on new build flats and houses compared to the market price. The same percentage that is discounted will be passed on to future first time buyers – which means that the homes within this scheme will always be sold below market value.
The aim is to provide local residents the opportunity to buy a new property within their local area, where they might be currently struggling to afford market prices.
The First Homes project has initially launched in the Bolsover district, East Midlands, but is set to launch nationwide within the next few weeks. The government has pledged to deliver at least 10,000 homes a year, and more, if the project is successful.
If you’d like more information on the First Homes Scheme, click here.
If you’re considering the First Homes Scheme as an option for homeownership and you’re wondering whether you can afford a mortgage, speak with one of our advisors who can check your eligibility and calculate how much you could borrow.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.