Do we know anymore about the “First Homes Scheme?”

Jsutherland7

Hi there hope you are all well. I’m in the process of saving for a mortgage as any other option is out of the question. 

I have 45k deposit, earn 44k a year and my partner is in education for her last year until becoming a teacher next September.

obviously with the way things are, my salary alone won’t allow me to secure w mortgage - even though there proof is there that I could afford it.

I have zero debt, a good credit history, 

im from south east London, and intend to buy a home here if it kills me. Im not prepared to move to somewhere I don’t feel comfortable in. I’m just wondering if anyone has anymore info on the first homes scheme,

it seems like it hasn’t taken off yet, and it’s like they want you to do all the digging. Maybe a search tool online with all the first homes properties would be a better system, 

any info would be much appreciated thank you 

Flugelhorn

as it seems to be mainly new properties it will have to get into the system at the planning stage, may be worth asking the planning department at the council if they know of any coming up.
Problem is there aren't going to be many anyway by the look of it 1500 at 100 sites over the next 2 years https://www.ownyourhome.gov.uk/scheme/first-homes/

Jsutherland7

Thanks for your comment i will get hold of the council
thank you 

Sarah1Mitty2

What is the catch?

Flugelhorn

Sarah1Mitty2 said:

What is the catch?

suspect the catch for the OP at present is that there are limited numbers of properties available - can imagine only 1-2 on a new development - then at a later date they have to resell it at a similar percentage discount to someone who is also eligible to buy in the new home scheme

Sarah1Mitty2

That makes sense, hard to buy and hard to sell, even worse than help to buy and shared ownership which were easy to get sucked into but a nightmare to sell?