First Homes Scheme | New Build Homes for First Time Buyers

First Homes

First Homes: The scheme to help first-time buyers

Buying a new home in your local area can be difficult, especially for first-time buyers. Fortunately, the First Homes scheme is designed to make the journey a little easier.

If you're making a house or apartment purchase for the first time, you could benefit from a special discount on a new build from Bovis Homes on selected plots and developments. In this guide, we'll explain everything you need to know.

What is First Homes Scheme?

The First Homes scheme is a UK Government initiative that offers first-time buyers a chance to buy their first home with a significant discount of at least 30% off the market price. This discount makes homeownership more attainable by reducing the deposit and mortgage required.

How does it work?

The First Homes scheme offers first-time buyers the opportunity to purchase a beautifully crafted new build home at a more affordable price. These homes are built to the same exceptional standards as any of our new homes, but with the added benefit of being more accessible financially.

Properties in the scheme are sold with a discount of at least 30%, and in some cases, local councils can increase this to as much as 50%. With the discount applied, the maximum price for a property is £250,000 (or £420,000 in London), though local authorities can set lower price caps.

If you decide to sell your First Homes property in the future, it must be sold to another first-time buyer that is eligible to purchase a First Home. The home will be independently valued, and the discount that originally received will be applied to this new price, ensuring that future first-time buyers can continue to benefit from the scheme.

Am I eligible to buy a First Home?

To purchase a new build home through the First Homes scheme, you'll need to meet the following criteria:

You must be a first-time buyer and over the age of 18.
If you're buying the home with someone else, you must both be first-time buyers.
You'll need to meet the local connection criteria and any key worker restrictions set by your local authority.
Your household income must be below £80,000 in England, or £90,000 in London.
You usually need a deposit of at least 5%.
You'll need to secure a mortgage for at least 50% of the home's value.

Download the First Homes Customer Guide for further information..

Things to consider before using the First Homes scheme

Before committing, it's important to consider how these factors could affect your decision:

When it comes time to sell, you'll need to find buyers who are also eligible for the scheme, which might narrow your pool of potential buyers.
When you sell, you'll apply the same discount you received when purchasing the home, which will result in a lower selling price.
If you're unable to sell within six months, you can ask your local council for permission to sell on the open market. If this happens, you'll need to return a portion of the sale price to the council based on your original discount.

How to apply for the First Homes scheme

1. Explore our available homes: Start by visiting our developments to discover our great range of houses and apartments for sale and check our available plots to find out if the First Homes scheme is available. We'll be here to guide you every step of the way, making sure you find the perfect place to begin your homeownership journey.
2. Check your eligibility: Once you've found a home you're interested in, we'll help you confirm your eligibility. If you meet the requirements, you'll need to complete a First Homes application through your local authority which will be completed with your mortgage broker who will then submit the application for you. Before you submit your application, you will need to have sourced a licensed conveyancer (or a conveyancing solicitor) as you will be required to add their details to your application.
3. Reserve your home: After your eligibility is confirmed, you can reserve your chosen home by paying a reservation fee. Don't worry – if your application is unsuccessful, we'll refund the fee in full.
4. Local authority review: The local authority will check your application to ensure everything is in place. We're here to offer support and answer any questions during this stage.
5. Apply for your mortgage: Once your application is approved, you can begin the mortgage process, with the confidence that you're taking the next step toward owning your new home.
6. We'll guide you home: Our friendly Sales Consultants will guide you through the rest of the sales process, providing clear and helpful guidance to ensure everything runs as smoothly as possible.

Frequently asked questions about the First Homes scheme

What types of properties are available through the First Homes scheme?

The homes for sale under the First Homes scheme are thoughtfully designed for first-time buyers, offering the same high standards and exceptional quality as other properties in the development. These homes are crafted with the same care and attention to detail, ensuring they look and feel just like any other property on the open market.

The maximum price for a First Homes property, after the discount, is £250,000 (£420,000 in London), though local authorities may set lower price caps based on regional policies.

Who pays for the discount for first-time buyers?

Bovis Homes contributes to funding the first-time buyer discounts available as part of the First Homes initiative. We typically provide a number of affordable homes through our planning agreements with local authorities, and First Homes scheme properties are included within this contribution.

If I'm buying my first home with a partner, do they have to be a first-time buyer too?

Yes, to qualify for the First Homes scheme, all buyers must be first-time buyers.

Can one member of a couple buy the home on their own if the other is not a first-time buyer?

When applying for the First Homes scheme as a couple (whether married, in a civil partnership or living together), you should apply jointly.

However, if the mortgage lender will only lend to one applicant (e.g. because one party has an adverse credit history), the local authority may approve first-time buyer help through the scheme. Keep in mind that both parties will still need to meet the first-time buyer criteria, which means you will need to sign the first-time buyer declaration.

Is anyone exempt from having to meet the local connection criteria for the First Homes scheme?

Yes, there are some exceptions for members of the Armed Forces and recent veterans (those who have left the Armed Forces within the past five years). If this applies to you, you won't have to meet local connection or key worker criteria set by local authorities.

Bereaved spouses and civil partners of servicemen and women whose deaths have been caused wholly or partly by their service will also be exempt. However, you'll still need to meet all other eligibility criteria, such as first-time buyer status and the household income caps.

To learn more about buying a new build home as a first-time buyer through the First Homes scheme, please speak to our sales teams. They can give you more details about the application process and what to expect. If you're interested, you can find out more information about the First Homes scheme.

What's the difference between First Homes and Help to Buy: Equity Loan?

The former government The Help to Buy: Equity Loan scheme gave first-time buyers a loan of between 5% and 20% (or 40% in London) towards the cost of a new home, with purchase prices subject to regional limits. This loan was interest-free for the first five years and had to be repaid in full when the home was sold.

In contrast, the First Homes scheme offers a discount on the price of your home – without the need to repay any of the discounted amount. This means you can enjoy the benefit of lower costs now, without worrying about paying it back later.

What's the difference between First Homes and Shared Ownership?

With Shared Ownership, you can purchase a share of a home and gradually increase your ownership over time, while paying rent on the portion you don't yet own.

In contrast, the First Homes scheme offers a discount on your home, with no rent to pay on the discounted portion, meaning the entire home is yours to enjoy without additional rental costs.

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How does it work

First Homes is available on our selected new build homes only, subject to contract and eligibility criteria. If you are purchasing through the First Homes scheme please note that you are required to meet the eligibility criteria under the scheme and to be issued with Authority to Proceed by the local authority. Please note that the Authority to Proceed is valid for three months from issue within which period exchange of contracts must have taken place. If Authority to Proceed has not been issued before reservation, then this reservation is subject to you meeting the eligibility criteria, a First Homes Application Form being submitted promptly to the local authority and an Authority to Proceed being provided. In the event that either (i) you do not provide the information required to submit the First Homes Application Form within twenty (20) Business Days of the reservation date, or (ii) the Authority to Proceed is not issued by the local authority within twenty (20) Business Days of receipt of the fully completed First Homes Application Form or (iii) the local authority confirms that an Authority to Proceed will not be issued or shall be withdrawn prior to exchange of contracts, then the reservation will be automatically be cancelled and the reservation fee shall be returned in full. To be eligible for First Homes you must meet the following criteria: 1: All purchasers must be a first-time buyer, even if more than one person is buying the new home from us. 2: You will need to meet any local connection criteria, or key worker restrictions set by the local authority. 3: Your household income must be no more than £80,000 in England, with the exception of London which is £90,000. 4: You will need at least a 5% deposit. 5: You will need to be able to obtain a mortgage for at least 50% of the new home to be purchased from us. We may also require evidence of your financial ability to proceed with the purchase of a new home from us. The maximum price of a new home covered by First Homes, after the discount has been applied, will be £250,000 (£420,000 in London). Local authorities can set lower price caps. The new home is sold at a discount of at least 30%. The discounts will apply to the new home forever, meaning that generations of new buyers and the local community will continue to benefit every time the property is subsequently sold. First Homes is only available on selected developments and selected plots. Please contact the sales consultants for further information regarding First Homes and the application process. First Homes is a government scheme and is subject to the government’s terms for the scheme. This offer is not to be used in conjunction with any other offer, discount, promotion or scheme. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Subject to individual lender terms and conditions. Our usual reservation and sales terms and conditions also apply. Please speak to one of our sales consultants for more details.

First Homes

First Homes: The scheme to help first-time buyers

What is First Homes Scheme?

How does it work?

Am I eligible to buy a First Home?

Things to consider before using the First Homes scheme

How to apply for the First Homes scheme

Frequently asked questions about the First Homes scheme

Start your search today

More ways we can help you move

Smooth Move

Introduce a friend

Home Exchange

Smooth Move

Introduce a friend

Home Exchange

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