First Homes Scheme Explained

In June 2021, the First Homes Scheme was introduced in England. This scheme gives a minimum of 30% off of the market value of a new build property. However, the local council can increase this discount up to 50%.

In the current housing market where the prices have increased considerably, this scheme will help many first time buyers get onto the property ladder. This Government scheme can not be used with any of the other available Government schemes but you can still use a Help to Buy ISA or a Lifetime ISA if you have one.

Those of us in the Armed Forces can also use this scheme and are also not limited to the restrictions that local councils might places on these properties. We can also use the Forces Help To Buy Scheme as well.

This is one of the better Government help to buy schemes out there. There are still limited supply of houses on the scheme but 1000s more are expected to be added in the coming years as more and more houses are built.


Links:

Forces Help To Buy Scheme –    • Forces Help To Buy Explained  
ISAs Explained    • Individual Savings Accounts/ISAs Expl...  
OwnYourHome https://www.ownyourhome.gov.uk/which...


Timecodes:

0:00 Intro
1:13 What is the First Homes Scheme?
1:51 Do I need to be a first time buyer/owner?
2:10 Are the Armed Forces limited by the ‘local area’ criteria of the scheme?
2:34 Is there an overall household income cap for the First Homes Scheme?
2:55 Is there are house price cap for the First Homes Scheme?
3:29 Can I sell my First Homes house?
3:59 Can I rent/let out my First Homes house?
4:23 Final thoughts
5:19 Outro



Sources:

https://www.gov.uk/government/publica...
https://www.gov.uk/firsthomesscheme


DISCLAIMER:
I am not a professional financial advisor and this video is not financial advice. Please do your own research before making any decisions with your money and seek professional financial advice if need be.