Our discounted homes for first-time buyers
Buying your first home is an exciting step, but it can be daunting. Don’t worry – we are here to help you every step of the way. Many first-time buyers would love to buy in their local area, close to family and friends. The First Homes scheme is helping make this dream a reality.
The First Homes scheme is a government initiative that supports local people and key workers by providing a significant discount of 30% on new build homes compared with market prices. You own 100% of the home but only pay for 70% as the government pays for the other 30%.
Where are the First Homes available?
- They are currently available at The Quadrant and Kings Manor.
- We will be launching the next First Homes at our new development - Heron Park in Wyberton, on 1st June 2022. To join the Heron Park waiting list, please email email@example.com
What are First Homes?
- First Homes are new build homes for first-time buyers.
- The homes are offered at a discount of 30% compared to prices of equivalent properties on the open market.
- The discount will apply to the First Home forever. If you were to sell your house the purchaser would also benefit from the First Homes scheme.
Watch our First Homes video here.
What type of properties are First Homes?
- First Homes are exactly the same in style and quality and built to the same standards, as any other newly built Chestnut home for open market sale within the same development.
- The maximum price of a First Home, after the discount is £250,000 in England and is only available on selected homes.
Am I elligble for First Homes?
- You must be a first-time buyer and not have owned a home anywhere in the world.
- Your household income must not be more than £80,000.
- You will need to comply with any local connections restrictions – set by the local authority.
- You will also need a mortgage of at least 50% of the price of the First Home and a deposit of at least 5%.
How can I use my First Home?
- Your First Home must be the only residential property you have for the duration of your First Homeownership.
- You can decorate and update your First Home as you wish, in keeping with planning rules and the terms of your mortgage.
Selling my First Home?
- Should you wish to move home, you can sell your First Home to another eligible buyer. The percentage discount that applied when you bought the First Home would also apply on the sale price. The percentage discount is fixed and cannot change, even if you have made improvements to your home.
- So, for example, you previously purchased your home at a 30% discount compared to the open market price, you must also then sell it for a 30% discount compared to its open market value at the time of the sale, this is to ensure the First Home continues to benefit others.
Buying with a partner, do they also have to be a first-time buyer?
Yes. If the First Home is being bought by more than one individual, all purchasers must be first-time buyers.
What are the benefits?
- You don't pay any stamp duty.
- You don't have to pay back or pay any rent on the 30% discount.
First Homes is available subject to eligibility, terms and conditions.
For more information please visit the First Home website.