What is the First Homes Scheme?
The First Homes Scheme* is an exciting initiative introduced by the UK Government to make home ownership more accessible to first-time buyers and key workers in England. This transformative scheme is designed to assist people to settle into the communities they serve and love by offering a discount on the market value of selected properties.
With First Homes, you can secure a brand new Miller home at a minimum of 30% off its market value, making your first step onto the property ladder much more affordable. The scheme aims to ease the burden of property prices in England and promote social mobility, opening doors to the dream of homeownership for those who would otherwise struggle to buy within their local community.
How does it Work?
Help to Buy Wales provides an equity loan from the Welsh government.
If you’re eligible, you can borrow up to 20% of the property’s market value to top up your deposit and reduce your mortgage costs. And it’s interest-free for the first five years!
You must be able to fund up to 80% of your selected property through a combination of a conventional repayment mortgage and a minimum cash deposit of 5% of the purchase price.
Is the First Home Scheme Worth It?
Absolutely! The First Homes Scheme* presents an incredible opportunity for first-time buyers and key workers (in certain local authorities) to not just own a home, but a beautiful, quality-built Miller home. Imagine owning a home at a significant discount, with the cost of your dream property reduced by a minimum of 30%.
This scheme makes homeownership a realistic and attainable goal. For many, the hurdle of saving for a large deposit and securing a mortgage based on high market values can feel daunting. With First Homes, that hurdle is significantly reduced. You can secure your new home with a smaller deposit and lower mortgage borrowing, making your monthly repayments more manageable.
Calculate your Stamp Duty
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Mortgage Calculator
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT
*You must be a first-time buyer, who does not currently own or have previously owned a property.
If purchasing with someone else, both buyers must be first-time buyers, and their combined annual household income cannot exceed £80,000 (£90,000 in Greater London).
The purchased home must be your main residence, not a buy-to-let property, and you must secure a mortgage or home purchase plan covering at least 50% of the discounted property purchase price.
The maximum purchase price after the discount is £250,000 (£420,000 in Greater London) for the first sale of a First Homes property.
The scheme is subject to availability, status, and eligibility criteria set by each local authority, which may vary between development sites.
The mortgage must be a capital repayment mortgage.
First Homes cannot be combined with any other offers, and you cannot apply for other government shared equity schemes (e.g., Help to Buy) while using the First Homes scheme. Any existing applications to other shared equity schemes must be withdrawn before purchasing a First Homes property.
The minimum discount on a property must be at least 30% of the market value. However, discounts may vary depending on the criteria set by each local authority.
Please note the intention of the First Homes scheme is to retain the discount market price for all future sales. Therefore, on a resale of a first home, the seller is likely to be required to sell the First Home on the same terms as it was acquired (subject to certain exceptions) to preserve the discounted sale price.