First-time buyers can get up to 50% off of their first home!

You might be thinking that this is clickbait, glad to say that it's not because this is a real thing! It's called the first-home scheme.

Through the first-home scheme, you could obtain a massive 30-50% off on your first home! It does this through the partnership of the government and real estate developers offering discounts from the current market value of homes for first-time buyers and key workers. Imagine what 30-50% off of a house could get you. Sorting out the legal fees, taxes, and moving costs. New furnishings to make it a home, not a house - that Pinterest board might be coming to life!

Most importantly, it gets you on the property ladder, stopping you from being stuck into renting.

Eligibility

Of course, there are some eligibility criteria and it is shown below:

• Property must be in England

• Property must be a new build built by a corresponding developer or a property that was originally bought through the scheme

• Be 18 or over

• Be a first-time buyer

• Have a minimum deposit of 5% of the discounted price and no more than 50%

• Have a combined household income of less than £80k (£90k if in the London boroughs)

• After the discount has been taken off, the home must cost less than £250k or 420k if in London.

Local councils may set up additional eligibility conditions and can prioritise:

• Essential workers

• People who already live in that area

• Those on lower incomes

Armed forces and their families are exempt from council conditions about being an essential worker or living in the area if you are:

• a member of the armed forces

• the divorced or separated spouse or civil partner of a member of the armed forces

• a widow or widower of a deceased member of the armed forces (if their death was caused wholly or partly by their service)

• a veteran who left the armed forces in the last 5 years

You still need to meet other eligibility conditions.

Upon selling you are only capable of selling the property to another buyer who is eligible for the discount.

How to apply

If you are interested, let the new-build developer or the estate agent know that you want to purchase using the scheme.

They will help you fill out an application form and send it to your local council.

With this scheme, there come some implications through the application for a new-build mortgage which can cause a lot of headaches and added stress. To prevent these added stresses you can chat with a mortgage advisor on these matters and how your personal circumstances could impact your chances of obtaining a mortgage.

For more information about the First home scheme, please check the official release on the government website.