First Homes

'First Homes' are a government initiative to help first time home buyers. They are part of a range of affordable home ownership options.

First homes will be new homes built and sold by a developer, or a home bought through the scheme and later sold on ( probably through an estate agent).

Homes under the the scheme must be sold for a minimum discount of 30% below the market value, and in Mole Valley be no more than £250,000 after that discount on the first sale. The discount would still apply on future sales.

There are national and local criteria that must be met in order to buy a First Home.

National criteria:

You must:

be 18 or older
be a first-time buyer
be able to get a mortgage for at least half the price of the home
not earn more than £80,000 a year before tax (£90,000 if the property is in London) - this is your income from the previous tax year

If you’re buying with others:

you must all be first-time buyers
you must apply together, even if you’re not all getting a mortgage
your joint income cannot be more than £80,000 a year before tax (£90,000 if the property is in London)

Local criteria in Mole Valley(not applied to members of the Armed Forces) :

you live in the district and have had residence in the district for the last two years; or
your place of paid employment is in the district and you have been employed for more than 16 hours per week for the last two years; or
you have close family, defined as parents, siblings and or adult children, who have lived in the district as their main place of residence for the last consecutive five years.

Further information can be found on the government website.