With recent news coverage of the Government giving the green light for thousands of “starter homes” we have had a surge in enquiries from first time buyers for this scheme. Therefore, I thought I’d provide some key information on this scheme.
The scheme called “STARTER HOMES” was part of the Conservative governments manifesto in 2015. In a recent speech Teresa May announced this scheme will actually happen and the first properties will be available for purchase in 2018.
The scheme gives the opportunity for first time buyers aged between 23 and 40 to buy a property with a maximum price of £450,000 in London and £250,000 outside of London at a 20% discount.
These homes will be built on brownfield sites. A brownfield site is a site previously used for industrial purposes and currently let left? to waste. Therefore, the location of these properties will be fixed. Here is a list of the councils that are offering the first “Starter Homes”.
• Blackburn with Darwen Council
• Blackpool Council
• Bristol City Council
• Central Bedfordshire Council
• Cheshire West and Chester Council
• Chesterfield Borough Council
• Chichester District Council
• City of Lincoln
• Ebbsfleet Development Corporation
• Fareham Borough Council
• Gloucester City Council
• Greater Manchester Combined Authority (Bolton, Bury, Manchester, Oldham, Rochdale, Salford, Stockport, Tameside, Trafford, Wigan)
• Lincolnshire County Council
• Liverpool City Council (in association with Sefton, Knowsley, Halton, Wirral, St Helens)
• Luton Borough Council
• Mid Sussex District Council
• Middlesbrough Council
• North Somerset Council
• Northumberland County Council
• Pendle Borough Council
• Plymouth City Council
• Rotherham Metropolitan Council
• Rushmoor Borough Council
• Sheffield City Council
• South Kestevan District Council
• South Ribble Borough Council (in association with Preston City Council and Lancashire County Council)
• South Somerset District Council
• Stoke-on-Trent City Council
• West Somerset Council (in association with Taunton Deane Borough Council, Sedgemoor District Council)
• Worthing Council
While location may be an issue the good news is these properties will be built by well-known house building companies such as Cala Homes, Bloor, Barratt and Persimmon to name a few. This is a fantastic opportunity for the right person or family to buy their first home.
Our general advice to any first-time buyer is to get a plan in place to buy a home. The plan could be 3 months long to 3 years depending on saving deposits, working on your income or getting your credit file in shape for a mortgage lender. The best person to help with this is a whole of market mortgage advisor. Clearly, we would be happy to be that mortgage advisor and helping you buy your first home so we look forward to hearing from you!
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.