Emily's Mortgage Services LTD

This week is all about schemes available to first time buyers!

In the UK, several home-buying schemes are designed to help first-time buyers get onto the property ladder. These schemes offer financial support and help reduce the barriers to homeownership, such as high deposit requirements. Below are the key home-buying schemes currently available to first-time buyers:

Shared Ownership

• What It Is: You buy a share (usually between 25% and 75%) of a property and pay rent on the remaining share, with the option to buy more shares over time (staircasing).
• Eligibility: Typically for those with a household income of less than £80,000 (£90,000 in London) who can’t afford to buy a home outright.
• Why It’s Helpful: It allows you to buy a home with a smaller deposit and mortgage, while paying rent on the part you don’t own.

First Homes Scheme

• What It Is: A new scheme offering newly built homes at a discount of at least 30% compared to the market price. The discount is passed on to future buyers when you sell.
• Eligibility: Available to first-time buyers with a household income of less than £80,000 (£90,000 in London). Priority is given to key workers.
• Why It’s Helpful: The discounted price helps make homeownership more affordable, especially in areas where property prices are high.

Right to Buy (for Council Tenants)

• What It Is: A scheme for council tenants in England, where you can buy your council house at a discounted price.
• Eligibility: You must have been a tenant for at least three years and live in a property that qualifies for the scheme.
• Why It’s Helpful: It allows you to purchase your home at a discounted price, making homeownership more affordable.

These home-buying schemes can make a significant difference for first-time buyers, providing financial assistance and reducing the barriers to homeownership. The right scheme for you will depend on your location, income, and personal circumstances, so it’s important to research each option thoroughly to find the best fit for your needs.