The help-to-buy government scheme for first-time buyers may have closed on the 31st of October but there is still help available. The First Homes scheme announced earlier this year by the government is a new initiative to get more people on the property ladder. The First Homes scheme allows first-time buyers to purchase a property for up to 50% less than its market value. The property has to be a new home built by a developer or owned by someone who had previously purchased their home through the same scheme. Rules around the scheme are straightforward, but we recommend you do your reading via sites such as own your own home.
Many housebuilders will also be waiting to see if the government extends its 95% mortgage guarantee scheme available to all. This scheme, which is currently due to close on the 31st of December, has afforded households with a smaller deposit the opportunity to move home or buy for the first time. With the cost-of-living crisis being the main concern for many, initiatives such as this one will enable the property market to keep moving.
We spoke about the current schemes available to tdm Director and Head of Sales & Marketing Faye Angeletta, who said, “Working so closely with a lot of outstanding housebuilders and new homes developers means we are able to understand the market at a specialist level. Right now, buying a new home for a first-time buyer makes a lot of sense. You’ve got income-friendly initiatives such as the First Homes scheme and then hopefully a prolonging of the 95% mortgage matched together with the security of knowing exactly what you’re buying.”