Last Friday (June 4th, 2021), the government launched a brand-new scheme to assist first-time buyers in taking their first step onto the property ladder. If you are unfamiliar with the home buyer process or about to become a first-time buyer yourself, you may not be aware of the benefits that this scheme can offer.
It is for this reason that the team here at White Horse Surveyors have put together the following article, featuring all the essential information and considerations…
What Is the First Homes Scheme?
Although the scheme is broadly aimed at first-time buyers, the government hopes that the project will also assist keyworkers who have (and continue to be) on the frontline of the pandemic for much of the last year.
As standard, the scheme can offer buyers a discount of at least 30% and, in some cases, local authorities will be able to offer a discount of 40%-50% if the necessity for such a deduction can be established.
Whatever percentage is discounted from the home will also be applied to any subsequent first-time buyers, benefitting the same communities in not only the present but also the future.
Who Is Eligible for the First Homes Scheme?
Eligibility is primarily based on your having not purchased any previous residential homes, however several factors will be considered. This includes:
- Where you live
- Your collective income
- What you do for work
- Familial connections
- Specific circumstances (e.g those who are carers)
Priority will also be given to any key workers on the frontline of the pandemic, in-line with the government’s incentive for the scheme.
How To Apply for the First Homes Scheme?
There is no formal application process for the first homes scheme, providing you fit the criteria detailed above.
Although these discounts are not currently available in Northern Ireland, Scotland, or Wales. It is worth keeping an eye on market as the scheme expands and more houses become eligible for similar discounts.
If you have enjoyed reading this article on the first homes scheme, and require professional advice on your purchase, please do not hesitate to contact our helpful and friendly sales team.
Or get an instant quote here.
If you have enjoyed this article about exterior maintenance and would like to learn more about the home buying process, simply check out this list of related articles:
- Three Essential Tips for Any Property Buyer
- A First Time Buyers Guide to Property Jargon
- 8 Mistakes to Avoid as a First Time Buyer
- Who is the Average First Time Buyer?
Alternatively, you can visit the official GOV.UK site on the scheme by clicking here.