The government are introducing a new housing scheme called the First Homes Scheme in an attempt to help local first-time buyers, many of which are anticipated to be key workers, to get onto the property ladder by offering homes at a discount of at least 30% compared to the market price.
The scheme is expected to launch gradually throughout the country with properties under the scheme already going up in the East Midlands.
The aim of the scheme is to help support local people who struggle to afford market prices in their area but want to stay in their community.
The same 30% discount will be passed on with the sale of the property to future first-time buyers, meaning these homes will always be below market value.
Banks and building societies which are providing 95% mortgages for First Homes:
- Chorley Building Society
- Darlington Building Society
- Leeds Building Society
- Mansfield Building Society
- Nationwide Building Society
- Newcastle Building Society