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.
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Homebuying reform to cut homebuying times by around four weeks, and save first-time buyers around £650, says the government.
Buying your first home is a huge milestone, but it can also be a complex process. There are several factors a first-time buyer should consider before making an offer on a property, including understanding the difference between leasehold and freehold and checking council tax bands.
We’ve detailed some questions you can ask your estate agent to help you make an informed decision.
Best UK Mortgage Rates this Week
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Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
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Remortgaging means switching to a new mortgage deal. This will either be with your current lender or a new one.
Getting advice and moving to a new deal when the time is right can mean lower monthly mortgage payments, better interest rates, or releasing equity from your property.
Here are some signs it may be time to remortgage.
According to Nationwide Building Society’s latest House Price Index, house prices dropped 0.6% month on month in May – the first monthly decline this year.
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On Wednesday, 13th May, King Charles delivered his speech at the House of Lords, outlining the government’s plans for the upcoming year.
Here is a summary of the housing and energy/environment points.
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