New government first time buyer scheme

happyman70

My daughter is interested in the new first time buyer government scheme but is having trouble finding out about it. She has asked two mortgage brokers and they have both said they are not sure of the details as yet. She lives on her own and wants to get on the property ladder, the only information she has been given at the moment is that she needs to look at a new build. Does anyone have any information on how the scheme works and how you apply and what is required

K_S

@happyman70 There are only a handful of houses under the 'First Home' scheme that have been released yet, in Bolsover.

They'll show up on Rightmove searches and once you find one, you get a compatible mortgage as you would normally do. About 7-8 lenders have announced products, not sure if they are released yet.

MovingForwards

Here's some official information:
https://www.gov.uk/government/news/discounted-homes-for-key-workers-and-local-residents-as-flagship-first-homes-scheme-launches

General_Grant

As I understand it, as well as getting a discount, that discount (percentage, not amount) has to be given to whoever buys it from her eventually.  And they too have to be first time buyers.  I would find the restriction on who can buy it next rather off-putting.