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First Homes will be for first-time buyers only, and councils will be able to prioritise them for local people and for key workers. This scheme is a part of the government’s commitment to deliver 1 million homes by 2024.
First Homes will make a proportion of new homes available with a minimum 30% discount on the open market value which will be passed on with the sale of the property to future first-time buyers. This means homes will always be sold below market value and local communities will benefit for generations to come.
The government working with several regional and national lenders to deliver the first of these homes in Bolsover and elsewhere in England.
The first ‘First Homes’ will be marketed over the summer of 2021, and the government will be funding a further 1,500 homes to come to the market from the end of 2021.
The following banks and building societies have announced their participation in the First Homes scheme, agreeing to provide 95% loan-to-value mortgages for First Homes:
- Chorley Building Society
- Darlington Building Society
- Leeds Building Society
- Mansfield Building Society
- Nationwide Building Society
- Newcastle Building Society
A number of Britain’s top lenders have lent their support to the scheme, publishing a joint statement (PDF, 171 KB, 2 pages)
Further Details of the announcement from the government’s Press release this morning on the link below: