First Homes is a Government backed scheme designed to help first time buyers onto the property ladder in England. Under the scheme, homes are offered for sale with a discount of at least 30% of the market value.
In order to purchase a “First Home” at Marlow Fields, buyers will need to meet certain local connection eligibility set by the local authority, such as being a current resident in the Buckinghamshire Council for the last 2 years, having a local connection for example working in the borough for 2 years, if you are in the Armed Forces, a key worker or there maybe exceptional reasons for allowing a discretionary local connection.
The other key criteria are:
• All purchasers must be 18 years or older and must be first time buyers
• The gross household income does not exceed £80,000 per year
• You must be able to obtain a mortgage for at least 50%of the discounted purchase price. You will need to have a deposit of a least 5% of the discounted purchase price
• The new home must be your only home
The First Homes scheme allows you to own your home outright, it is not a shared ownership scheme where rent is also payable. Nicholas King Homes Sales Executives will be able to guide your through your purchase and provide you with the details of independent financial advisors who are experienced in the First Homes scheme to ensure you are able to secure the required mortgage and also provide you with independent solicitors who will be able to act for you during your purchase.
In order to secure your new home, you will be required to pay a reservation deposit of £500 which secures your new home for you whilst we guide you through the application process. (if for any reason you are not accepted onto the scheme your reservation fee will be refunded in full).
Once the application paperwork is completed and you are fully accepted onto the scheme, you will proceed to exchange contracts and when your new home is finished legally complete your purchase and collect your keys and settle into your new home.
The First Homes scheme first time buyer’s guide explains in more detail the First Homes scheme, including the application process, FAQ’s in respect of First Homes ownership, restrictions on letting the home, and the process of selling. This information is available at: