If you are a first-time buyer and are purchasing a property in England, you could be eligible to purchase a new built home for 30-50% less than its market value. This new scheme has come into effect in June 2021 and replaced the Help to Buy scheme, which wraps up in October 2022.
In order to be able to benefit from this scheme, you need to purchase a new home built by a developer or buy a home from someone who has previously used this scheme to buy their new build home. They will have to pass on the same discount to you that they received on the property.
On the financial side of things, you will have to be able to afford at least half of the mortgage that would be required for the full purchase price, and your household income needs to be below £80,000 outside of London, and £90,000 if you live in London. In turn, the property value cannot exceed £420,000 in London, or £250,000 anywhere else in England, after the discount has been applied.
Once you have found your new home, contact the developer who will help you complete your application to the scheme and send it to the local council. When your application is approved, you will go through the traditional process of purchasing a home – hiring a conveyancer to help with the legal side of the purchase, applying for your mortgage, and compiling necessary documents. And once the contracts are exchanged and you complete on the purchase, your new home is yours to enjoy!