Lincolnshire Family Secure First Home Thanks To First Homes Scheme

Two first-time buyers in Lincolnshire have bought the house of their dreams with a 30% price reduction, thanks to a government funded scheme.

Housebuilder Chestnut Homes, are the first in Lincolnshire to offer the First Homes scheme, aimed at helping first-time buyers get on to the property ladder.

The scheme allows buyers to own 100% of their home but pay 30% less than its market value, with the government supplementing the rest. The discount will apply to the home forever, meaning that generations of new buyers and the local community will continue to benefit every time the property is sold. However, when selling, the home must be sold to another first-time buyer at 30% less than the market value at the time of sale.

To be eligible for the scheme, buyers must be able to get a mortgage for at least half the price of the home and be part of a household where the total income is no more than £80,000.

Hristina Angelova, a business management student, and Vladamir Zhechkov, a lorry driver, are the first recipients of the scheme at Chestnut Homes’ development, The Quadrant, in Boston. The couple, who have two children, hoped to buy a family home using the Help to Buy scheme but found out they didn’t meet all the requirements.

Hristina says: “One day we were driving home and stumbled across a Chestnut Homes development and it felt like fate. We knew we wanted to buy soon, so we decided to pop in and speak to the sales staff to find out what we could get.

“We were told we couldn’t use Help to Buy on this occasion, which was disheartening until we were told about the First Homes scheme. We had never heard of it before, and it happened that we fit the criteria.”

The Quadrant development has 516 homes in total, with 211 completed. The site currently has eight homes available to purchase and prices range from £184,950 for a two-bedroom home up to £449,950 for a five-bedroom home.

Hristina adds: “After the pandemic, so many people lost their jobs and we had to reassess our dream of getting our own home. I can’t thank Chestnut Homes enough because no matter what silly questions we had, their staff supported us throughout the entire process. Even when we moved in, they checked in multiple times to make sure we were settling in. We’re so thankful we came across The Quadrant and without their recommendation, we wouldn’t have found our dream home.”

Helene Key, sales manager at Chestnut Homes, says: “The First Homes scheme is a brilliant way for first-time buyers to get on to the property ladder. The government support will make a huge difference to the overall cost and may even allow some to purchase a home sooner than planned. We’re proud to be the first housebuilders in Lincolnshire to offer the scheme, and we’re delighted we could help Hristina and Vladamir find the right home for their family.”

Chestnut Homes has a number of homes eligible for the First Homes scheme at its Chantrey Park, Market Rasen, and Heron Park, Boston, developments.

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