First Homes

What is a First Home?

First Homes are discounted market sale properties which:

a) are sold to a First Time Buyer(s) who meet the First Homes Eligibility Criteria

b) must be discounted by a minimum of 30% against the market value. The sale price must be no higher than £250,000 after the discount has been applied and;

c) on their first sale, will have a restriction registered on the title at HM Land Registry to ensure this discount (as a percentage of current market value) will remain on the property in perpetuity and the property will remain as a First Home for all future sales.

Eligibility Criteria?

To be eligible for a First Home you must:

-          Be a First Time Buyer

-          Have an income (or in the case of a joint application, a combined income) of less than £80,000

-          The mortgage on the property must be more than 50% of the discounted purchase price

-          The applicant (or in the case of a joint application, at least one applicant) must meet the required Local Connection Criteria if there is one in place. In most cases priority will be given to applicants with a local connection or a member of the armed forces for at least the first 3 months of marketing.

-          Ensure that the First Home is your only or main home for the duration of your First Home ownership.

This list is not exhaustive and there may be other restrictions in place specific to the individual scheme.