What is the First Homes scheme? | Starter homes for first-time buyers

CONTENT
Intro 00:00
What are First Homes? 00:42
How will the scheme work? 01:25
Regional price caps 04:36
Eligibility requirements and restrictions 05:40
Letting out First Homes 07:24
When will First Homes be available? 08:46
My thoughts 10:07

RESOURCES USED

ABOUT ME
I'm Lemuel. I'm not a financial advisor. I'm not an expert. I'm just a regular guy that enjoys talking about how we can do better with money.
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TOPICS
30% discount on first homes, Key worker homes, first homes scheme, starter homes scheme, first time buyer new build, armed forces homes, veteran homes, help to buy key workers, help to buy veterans, 30% discount on new build homes for first time buyers, affordable housing for first time buyers, Starter homes for first time buyers, First time buyer homes, 30% below market value property uk, government help to buy schemes

DISCLAIMER
This video is not meant to address the specific circumstances of any particular individual. It is created for educational purposes only. You should not rely upon it as legal, financial or professional advice, or a substitute for it. I do not accept any liability whatsoever for errors, omissions or misstatements contained therein. You should consult a suitably qualified professional if you require specific advice or information.

[catherinea]

Great video! Love your channel! Could you please do a video on pros&cons of buying a new build house as a first time buyer or buying a pre-owned home instead?

[whamitsjam]

Sounds good! I hope they build some houses in London instead of just flats

[SA-ojrp]

Where do I find first home scheme properties.?

[drf]

@Self Invested firstly, you are very clear.

Re this 'scheme' buyer beware of words such as 'affordable' and 'market value' because the new build homes are usually very overpriced, not to mention service charges.

Are there still any key worker schemes for real /existing homes on the open market? There used to be I believe.

[UndeadCrook]

Couple of questions.. When selling the house do you have to sell it to first time buyers or anyone can buy it? If its first time buyers only it limits the market and will be harder to sell.
Second question is: Buying a house 350k for 245k (30%) discount, which is £105k in total, but when selling £400k house - 30% discount bring the price down to £280k, so that 30% discount is now £120k, so you have lost £15k in appreciation of the property. As first time round you had £105k discount but now offering £120k to the second buyers, the property has appreciated £50k in total but you are only getting £35k in your pocket.. If that was your own house bought without the scheme you would have had all of the £50k.

[MargareteJBSousa]

Extremely organised ...are you a Virgo sun, moon or North Node? 🧐 Regarding the definition of first time buyer... What happens if the buyer has a mortgage overseas, but lives and works in the UK and intents to buy a property for the first time in the UK? Thanks

[Zoeyw]

I like the sound of this 30% discount, and I don’t mind the wait 👌🏾👌🏾👌🏾

[TheWellnessAbbey]

I've tried to watch this with a critical eye but it honestly sounds like a great scheme overall and something future buyers should seriously consider. The only down side I could think of is that it might being down the resale price of other properties in the immediate area if the new build house is built on a very small development or annexed to an existing row of terraced houses, but that wouldn't be a concern for the first time buyer. I honestly think it sounds great!

[darshanbhavsar]

Hi.. I have one small query, if I will apply only with my name for home in this scheme and home and mortgage all are on my name only then hope my partner salary won't count for 80k cap? Only my salary will be counted for eligibility?

[nicw]

Does that mean when you come to sell your First Home in the future that you can only sell to first time buyers? Given that the first buyer had to be....all buyers thereafter also have to be first time?

[abbasnaqvi]

Hi, great video, Is the price advertised online the price that includes the 30% discount or do we (first time buyers) have to deduct 30% off the price set online?

[lishiie]

Thank you - after hearing about this scheme I watched your video and it really helped to understand!

[odysseasv]

Do you think that you will still be able to make an -under asking price- offer, even after the discount of the scheme applied?

Of course IF demand won't be crazy high.

[sumeerofficial]

Appreciate the video.. could you pls make video about comparison of banks in Uk for mortgage

[LifeWithTemms_]

Why am I only now hearing about this scheme! Thanks for a great video as usual 😊

[DianeCarroll]

So much concise information; thanks 🙏🏻

[dvdsbl]

I'm craving for this scheme but I'm not even sure if they'll consider me a Key Worker being a bus driver.

[ukcarrebuilds]

Good and informative Video. My question is the Following. When this property is resold the 30% discount need to be given the next buyer, but then at the resale is it limited to be sold to a first time buyer again? Otherwise as a 2nd owner of these properties going to be sold WAY BELOW market value and would be an opportunity to grab a bargain or open for potential for Bidding war way up to the marker price. It looks a bit of a weird proposal.

[thomaslondon]

Hello what is your advice for a first time buyer who is looking to purchase a 1 bed without the scheme as they have the neccesary funds.. for example do you think when it comes to selling a property in say 3/5 years they will struggle to sell it as the actual property is suited to a first time buyer but they have cheaper options with the scheme?

[rayhan]

Could you please clarify what the below means more?

A First Home should be the buyers only home and a purchaser will need to use a mortgage or home purchase plan for at least 50% of the purchase price of the home

Is it 50% of the discounted price you need it have it on mortgage?