First Homes Fund
First-time buyer? You could be eligible for an impressive 30% discount on a brand new home thanks to this new Government scheme. Available on selected developments and plots.
Who is it for?
Available on selected developments and plots, the scheme is open to first-time buyers whose household income does not exceed £80,000 (£90,000 in London).
Applicants will also have to fit local eligibility criteria. Depending on the Local Authority, this can include armed services members, key workers and those who fit local connection criteria. Speak to a member of the development Sales Team for more information on local eligibility criteria.
You must also be able to get a mortgage for at least 50% of the discounted price of the home.
Which properties can the scheme be used on?
The price of First Homes is capped at £250,000 (after the discount has been applied), and £420,000 in London, although local authorities can set lower caps. Selected properties included in the scheme are exactly the same as other homes in that development.
Can I use First Homes with the Help to Buy: Equity Loan?
No, however, you can use a Help to Buy ISA or a Lifetime ISA to buy a First Home, so long as the purchase complies with the rules of the ISA schemes.
How do I apply?
As soon as a Charles Church development you're interested in has the First Homes scheme available, please get in touch and we can support you. We'll check to see if you fit the criteria and begin the process of checking your eligibility and help you complete an application to the local authority.
Frequently Asked Questions
The First Homes scheme is a Government initiative designed to help first-time buyers purchase a new build home at a discounted price. Eligible buyers can receive at least 30% off the market value of selected homes, making homeownership more affordable.
To qualify, you must:
- Be a first-time buyer
- Have a household income of no more than £80,000 a year (£90,000 in London)
- Meet any local eligibility criteria set by the local authority
- Be able to secure a mortgage for at least 50% of the discounted purchase price
Priority is often given to key workers, members of the armed forces and people with a local connection, depending on the local authority.
Eligible buyers receive a minimum 30% discount on the market value of the home. Some local authorities may offer a higher discount depending on local requirements.
No. The First Homes scheme is only available on selected plots and developments. Speak to your local sales team to find out which homes are currently available through the scheme.
Yes. As with most mortgage purchases, you'll usually need a deposit. The amount will depend on your mortgage lender's requirements, but you'll also need to be able to secure a mortgage for at least 50% of the discounted purchase price.
Yes. You can use a Lifetime ISA or Help to Buy ISA towards the purchase of a First Home, provided your purchase meets the relevant scheme rules.
If the scheme is available on your chosen Charles Church development, our sales team will guide you through the application process. They'll help confirm your eligibility, explain any local criteria and support your application to the local authority.