First Homes Scheme

First Homes

Buying a very first home can seem like a daunting if not exciting prospect. There are many things to consider including where to buy. Many first time buyers would love to buy in their local area, perhaps close to family and friends. And the First Homes scheme is looking to make that possible, by offering a way for first time buyers to stay local and make that first step onto the property ladder aided by a significant discount on new build properties.

What is the First Homes Scheme?

First Homes is a government scheme to support local first time buyers including keyworkers on to the property ladder by offering new-build homes at least 30% discount compared to market prices. First Homes will initially be available on our developments in Cannock.

  • This discount will apply to the First Home forever.
  • This means the same percentage discount as applied to the original sale will be passed on to the new buyer every time the property is sold and the seller of the First Home will only receive the discounted amount never the 100% market value.
  • First Homes will initially be available on our development in Cannock.

First Homes - Here's how it works

Deposit amount required: Minimum of 5% of the discounted purchase price. Dependent on the property and on mortgage eligibility from participating mortgage lenders.

Maximum price of the property: The maximum price of a First Home, after the discount has been applied, will be £250,000 (£420,000 in London). Local authorities are able to set lower price caps as part of local policy.

Ownership: Full Ownership. Your First Home belongs to you. You can decorate and update your First Home as you wish, in keeping with planning rules, any leasehold restrictions that apply, and the terms of your mortgage.

Requirements: First time buyer, earning less than £80,000 per year (£90,000 in London). Mortgage to cover at least 50% of purchase price. Councils can apply additional criteria such as local connection or key worker.

Some helpful Q&As

If I’m buying with a partner, do they also have to be first-time buyers?

Yes. If the First Home is being bought by more than one individual all purchasers must be first-time buyers, in keeping with the definition of First-time Buyer as set out in paragraph 6 of schedule 6ZA of the Finance Act 2003 for the purposes of Stamp Duty Relief.

Can one member of a couple buy the home on their own, and would this mean the other does not have to be a first-time buyer?

Couples who are married or in a civil partnership or living together should apply jointly to purchase the First Home. In exceptional circumstances, where the mortgage lender will only lend to one applicant (e.g. because one party has an adverse credit history) the local authority can consider giving approval on a case-by-case basis, but this is still subject to both parties meeting the first-time buyer criteria. Both parties would therefore need to sign the first-time buyer declaration.

Is anyone exempt from having to meet the local connection criteria?

Yes. Members of the Armed Forces and recent veterans (who have left the Armed Forces within the last 5 years) are exempt from needing to meet any local connection or key worker restrictions set by local authorities. These restrictions will also not apply to bereaved spouses and civil partners of service men and women whose deaths have been wholly or partly caused by their service. In such cases, all other eligibility criteria, including first-time buyer status and the household income caps, would still have to be met.

For more information including detail on the application process, please speak to our sales teams. Additionally more information can be found here First Homes - Own Your Home - Own Your Home.

Terms & Conditions

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

First Homes is subject to status and available on selected properties in England only. Speak to your Sales Consultant for further details. This offer is not available in conjunction with any other promotion.

More ways we can help you move

Help to Buy

HTB

Exclusively for first time buyers! Buy a new home between £186,100 and £437,600 with just a 5% deposit!

Find out more

Help to Buy London

HTB

Exclusively for first time buyers! Buy any new home in London up to £600,000 with just a 5% deposit!

Find out more

Home Exchange

Home Exchange

Stuck in a chain or have a home to sell? We could buy your current home when you buy one of ours

Find out more

Smooth Move

Smooth Move

Have a home to sell? We could sell it for you so you can buy one of ours

Find out more

Forces Help to Buy

HTB

Offers forces personnel a loan of up to 50% salary, capped at £25,000

Find out more

All images are used for illustrative purposes only and are representative only. They may not be the same as the actual home you purchase and the specification may differ. Images may be of a slightly different model of home and may include optional upgrades and extras which involve additional cost. Individual features such as windows, brick, carpets, paint and other material colours may vary and also the specification of fittings may vary. Any furnishings and furniture are not included in any sale. Please check with our sales consultants for details of the exact specifications available at the development(s) for each type of home and the associated prices.