First time buyer schemes

Taking advantage of a first time buyer scheme is a great way to climb the property ladder. They have historically made it easier to afford a deposit, a first home, or even allowed for partial ownership of a home until you can afford the full mortgage.

Let’s take a look at the first time buyer schemes available:

First Homes scheme

The First Homes scheme is targeted at first time buyers, and those participating must buy a house that is either brand new and built by a developer, or an existing home that was originally purchased as part of the scheme. However, while it sounds good on paper, it’s catering to a niche group of buyers.

First, your combined household income must not be more than £80,000 (£90,000 if in London), you must be a first time buyer, and the home must cost less than £250,000 after the deposit has been taken (£420,000 for London).

Own New

The Own New scheme will allow you to buy a new build home (or fl at) with as little as a 5% deposit, and you’ll need a 95% mortgage to cover the rest. This could be ideal if you have more complex financial circumstances.