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First Homes

First Homes News

The First Homes initiative is set to offer first time buyers up to 30% discount on the purchase of a new home.

Announced in the Queens Speech on 19th December 2019, we do not have full details as yet.

We understand that priority will be given to first time buyers from the local area with the discount funded by Developers. This would suggest that the scheme is set for newly built properties only.

Hopeful First Time Buyers interested in the First Homes Initiative should note that a similar initiative announced by the Tory Government in 2015 produced zero properties of the total 200,000 promised.

With the Help to Buy scheme scaling back from March 2021 to an expected closure in March 2023 this new measure may be designed to fill the gap.

First Homes Mortgages

We would expect mortgage availability on the First Homes Initiative to follow the pattern of the Help to Buy Scheme in that the major lenders will come on board with product offerings followed by some specialist lenders following up with options for the more complex cases.

As with Help to Buy, mortgage affordable interest rates may be available on the First Homes Initiative due to the 30% discount reducing the risk for the Lender.

First time Buyer seeking a First Home mortgage?

Expect to provide:

  • A cash or gifted deposit (perhaps 5% minimum)
  • Proof of earned income

First Homes Mortgages – Bad Credit

We fully expect some specialist lenders to come on board on the First Homes initiative offering mortgages for borrowers with late payments, defaults, or county court judgments.

If you have a poor credit history you may be able to take advantage of the Help to Buy scheme today.

We await further detail and will update this page as it arrives.