Introduction
Buying your first home can be expensive and seem impossible, but there are government schemes available to help. Natalie and James, a young couple in Newcastle, managed to save £56,000 on their £187,000 home without even haggling.
The First Homes Scheme
The couple used the First Homes Scheme, which offers first-time buyers a discount of up to 50% on a home. Natalie and James secured a 30% discount worth £56,098 on their property in Moorland Green, Newcastle. The discount stays with the property, meaning future buyers will also benefit from the reduced price.
Requirements and Eligibility
Those looking to access the First Homes Scheme must have a deposit of at least 5% of the discounted purchase price and earn less than £80,000 a year (or £90,000 in London). Local councils may also have additional rules, such as reserving properties for key workers or those with a local connection.
How Natalie and James Saved
Natalie saved £900 a month for three years to build up their £6,000 deposit. They were able to purchase their home in September 2023 and were fortunate that the First Homes Scheme deadline was extended until the end of that month.
Why They Chose the First Homes Scheme
The couple wouldn't have been able to afford their first home without the scheme. The small deposit requirement made it more achievable for them, and they were able to take advantage of the 30% discount on their property.
Furnishing Their New Home
Natalie and James budgeted around £1,500 for furniture and purchased items in stages to spread out the cost. They also received some furniture from their parents as gifts.
Advice for First-Time Buyers
The couple recommends looking into government schemes that may be available to you and setting achievable goals. They also suggest being sensible with your targets and saving as much as possible.
By taking advantage of the First Homes Scheme, Natalie and James were able to save a significant amount on their first home. With government schemes like this, more first-time buyers may find it easier to get on the property ladder.
Did you miss our previous article…
https://hellofaread.com/money/thousands-of-households-have-limited-time-to-claim-299-cost-of-living-payment-dont-miss-out/
