If you’re looking to purchase your first home in England, there is a new Government-backed scheme to help first time buyers step onto the property ladder.
First Homes is an initiative aimed to help more first time buyers purchase their own homes, where selected new build homes are offered a discount of at least 30%.
Keep reading our latest blog to find out more about this new scheme.
Contents
- What is the First Homes scheme?
- Who is eligible?
- How do you apply for the First Homes scheme?
- What next if you’re not eligible?
- Conclusion
What is the First Homes Scheme?
The First Homes scheme means you can buy a newbuild home for 30-50% less than the market price, allowing you to move into your dream Cala home.
The same discounted percentage will also be available to future eligible first time buyers when that same home is sold, ensuring that the home is always available below market value.
The First Homes scheme is only available in England.
Who is eligible?
There are certain criteria you need to meet to be eligible to purchase a First Home. You, and any co-purchasers, must be over the age of 18, be first-time buyers and be able to get a mortgage for at least half the price of the home, whilst the total income of the household must be no more than £80,000 (£90,000 if you live in London).
The local authority can also set criteria, for example some councils may give priority to essential workers, people who already live in the area, or those on lower incomes.
Those in the armed forces or veterans may be exempt from additional criteria.
If you don’t meet these criteria, don’t worry, we have other incentives in place at Cala to help you make the move.
How do you apply for the First Homes scheme?
It’s simple to apply. All you need to do is contact the sales team at your preferred development to find out if they have First Homes available. If so, a sales consultant will help you complete the application, which is then sent to the local council.
A reservation fee is required to reserve your plot. The sales consultant will inform you of the amount, however if your application is unsuccessful then you will receive a refund.
The council will be in touch with their decision, and they’ll contact Cala and your mortgage lender so the process can begin.
What next if you’re not eligible?
If you are not eligible for the First Homes Scheme, there are other ways we could help you purchase your first home. Unlock home ownership with the Deposit Unlock scheme, which allows you to buy a Cala home with as little as a 5% deposit. Or, Own New's Rate Reducer could be your key to homeownership with access to lower mortgage interest rates.
The First Homes Scheme makes it affordable to buy your first home and means you don’t have to compromise as all First Homes at Cala have the same high specification and quality as those of full market value.
The First Homes Scheme is available on selected developments and plots in England. Check out our Homes for Sale page and our first time buyer guide for everything you need to know about buying a home.
