First Homes

 

First Homes scheme

‘First Homes’ is a new government scheme to help more people onto the property ladder Offering a 30% discount on selected homes

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What is the First Homes scheme?

Whether it is because of work, friends or family many first-time buyers would love to buy in their local area. The First Homes scheme is looking to make that possible. This scheme has been created to help first-time buyers stay local and make that first step onto the property ladder.

First Homes are just like normal, open market homes, but they are offered for sale at a significant discount of at least 30% on the market value. The maximum price of a First Home, after the discount has been applied, will be £250,000 (£420,000 in London). Local authorities can set lower price caps.

 

How does it work?

  • Visit the house builder selling First Homes to see what is available to purchase. Please note that Bovis Homes does not currently have any homes available through this scheme, but this may change in the future.
  • Check your eligibility for the home you would like to buy. If you are eligible, you will need to complete a First Homes application to the local authority.
  • You can now pay your reservation fee (which will be refunded if your application is unsuccessful) to reserve your chosen home.
  • The local authority will check your application.
  • Once approved, you can apply for your mortgage.
  • Our sales team will guide you through the rest of the sales process.
 

Am I eligible to buy a First Home?

  • All purchasers must be a first-time buyer, even if more than one person is buying the home.
  • You will need to meet any local connection criteria, or key worker restrictions, set by the local authority.
  • Your household income must be no more than £80,000 in England, with the exception of London which is £90,000.
  • You will need at least a 5% deposit.
  • You will need to be able to obtain a mortgage for at least 50% of the home.
 

Frequently asked Questions

If I’m 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, in keeping with the definition of a 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 the First Homes scheme. 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 approving 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 past five 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 servicemen 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 about the First Homes scheme, including detail on the application process, please speak to our sales teams. If you're interested, you can find out more information about the First Homes scheme.

More ways we can help you move

Help to Buy

The government’s Help to Buy scheme lends first-time buyers up to 20% with an equity loan – meaning you can access competitive lending rates for the maximum of 75% mortgage deal.

Home Exchange

Moving house is stressful enough already, so we aim to alleviate some of that stress. With Home Exchange you can have peace of mind knowing that we are your guaranteed buyer.

Smooth Move

Smooth Move is our scheme for all existing property owners to save time and money. We deal with the estate agents to sell your home and even pay the estate agents’ fees!

Introduce a Friend

Know someone who’d love a new Bovis Home? Introduce a friend and we’ll give you £500* when they buy from us.

Help to Buy

The government’s Help to Buy scheme lends first-time buyers up to 20% with an equity loan – meaning you can access competitive lending rates for the maximum of 75% mortgage deal.

Home Exchange

Moving house is stressful enough already, so we aim to alleviate some of that stress. With Home Exchange you can have peace of mind knowing that we are your guaranteed buyer.

Smooth Move

Smooth Move is our scheme for all existing property owners to save time and money. We deal with the estate agents to sell your home and even pay the estate agents’ fees!

Introduce a Friend

Know someone who’d love a new Bovis Home? Introduce a friend and we’ll give you £500* when they buy from us.

Still haven't found what you're looking for?

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

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.