In May 2020 the government concluded a consultation on their proposed New First Homes Scheme or ‘Starter Home Scheme’ which was proposed as a way to assist first-time buyers to purchase a new home at 30% discount to open market value.
The First Home Scheme, aimed at first-time buyers, key workers and veterans looking to buy a new-build home.
The idea behind the Starter Home Scheme, which first appeared during last year’s election, is to help local people to afford property in areas where they would otherwise be priced out of the market. The scheme will be funded by developers in much the same way as affordable homes have previously been provided under S106 planning agreements. The idea though is that key workers, first-time buyers and veterans be prioritised and that whenever the property is sold on the 30% discount on market value will remain, keeping properties in the market at a 30% discount to the open market value.
The purchase of such properties will, it is proposed, be funded using deposits and standard mortgage products, as with other properties.
Recent posts
According to a report in the Guardian, senior ministers have asked Treasury officials to look into a “proportional” property tax to see how it would work as an alternative to the existing stamp duty land tax on owner-occupied homes.
More than a quarter of UK adults in long-term relationships (26%) have reported that despite living together, they keep their finances separate from one another.
There has been a rise in both rent and mortgage costs over the last three years, with renters seeing a greater increase in their monthly payments than those with a mortgaged property.
Delayed Start Mortgages
14 days ago
The new Delayed Start Mortgage launched by Skipton Building Society allows first time buyers to postpone the first three mortgage payments. This product has been designed to help soften the blow of moving in costs for first time buyers.
Green Mortgages | Rewards and Benefits
16 days ago
Mortgage lenders are starting to recognise their “Green” responsibilities when it comes to the different products they offer.
A recent study by Boon Brokers where 1,000 people who had used an estate agent over the last year were surveyed, showed that a whopping 52% said they were pressured into using the estate agents’ in-house mortgage broker.
When will mortgage rates fall further?
26 days ago
Analysts are predicting further rate cuts this year, with the next one possibly coming down to 4% when the Bank of England’s Monetary Policy Committee meet on Thursday 7th August 2025.
The Financial Conduct Authority (FCA) has shared new changes to mortgage rules with the aim to simplify remortgaging, and encourage competition within the mortgage market.
More information
Trusted by
