If you’re looking to buy your first home in Swindon, the First Home Scheme could help you get a foot on the property ladder. This government-backed initiative offers eligible buyers a discount on the market value of new-build homes, making home ownership more affordable. Whether you’re trying to stay close to family, reduce commuting time or secure your future, this scheme aims to make that next step possible.
What Is the First Home Scheme?
The First Home Scheme is designed to help first-time buyers purchase a new-build property at a discounted price. It supports those who might otherwise be priced out of the housing market, including local residents, key workers and younger buyers saving for their first home.
Here’s what the scheme includes:
- Homes sold at a discount of at least 30% compared to market value.
- The discount is applied upfront, so you’ll need a smaller deposit and mortgage.
- The discounted rate is locked into the property, meaning future sales also follow the scheme’s rules.
- Buyers must use the property as their main residence, not as a buy-to-let or second home.
This isn’t a loan or shared equity agreement. You own your home outright, and the discount simply reduces the price you pay.
The scheme is only available on specific homes through participating developers, with each sale subject to eligibility checks. The aim is to ensure these homes go to people who need them most.
Who is Eligible?
To apply for a First Home in Swindon or elsewhere in England, you must be a first-time buyer. This means you’ve never owned a home in the UK or abroad. You’ll also need to meet other national and local eligibility conditions.
Your household income must be £80,000 or less (£90,000 in London), and the property must be within the price cap set by the scheme. After the discount, the home must not cost more than £250,000 (or £420,000 in London).
Local councils can also apply extra criteria. These might include living or working locally, being a key worker, or having a certain occupation or connection to the area. In Swindon, these local filters often prioritise buyers who live or work within the borough.
How Does it Differ From Shared Ownership?
The First Home Scheme offers a full ownership model, while Shared Ownership is a part-rent, part-buy option. With Shared Ownership, you purchase a percentage of the property and pay rent on the remaining share. Over time, you can choose to buy more of the home through a process called “staircasing.”
In contrast, the First Home Scheme gives you full ownership from day one. You’re not paying rent to a housing association or managing increasing ownership costs. Instead, you buy at a discounted price and, if you sell, you pass on that same percentage discount to the next buyer.
This makes First Homes more straightforward in many ways. There’s no rent to factor in, no staircasing fees, and no limits on how much you can own at the outset.
Local Eligibility Criteria in Swindon
Swindon Borough Council can apply local filters to prioritise buyers who already live or work in the area. If you’re planning to stay close to family or commute locally, these filters could work in your favour.
Here’s what you might need to meet in Swindon:
- You must currently live in Swindon or have strong ties to the borough.
- You may need to work in the area full-time or have a key worker role.
- Priority may be given to those in housing need or renting privately.
- Some developments may reserve homes for certain groups or income levels.
Each site may have different criteria, so it’s important to check with the developer or estate agent managing the sale.
The local connection requirement usually applies for the first three months a home is on the market under the scheme. After that, it may open up to buyers from neighbouring areas if no suitable local applicants come forward.
How to Apply
You’ll need to apply through the developer or housing provider offering the First Home. They will guide you through the application process, confirm your eligibility, and handle the relevant paperwork.
First, find a participating development in Swindon offering First Homes. Not every new-build site will have them, so ask directly or check with your estate agent.
Next, complete an eligibility check. This usually includes:
- Proving your income with payslips or tax returns.
- Confirming your first-time buyer status.
- Demonstrating your mortgage approval in principle.
- Providing documents that show your local connection if required.
Once approved, you can reserve the home. The developer will then pass your details to the local authority and the First Homes agent for formal sign-off. This process checks your eligibility and ensures the home is sold under the scheme’s rules.
Be aware that there may be time limits to complete the purchase. You’ll also need to use a conveyancer familiar with the First Home Scheme, as there are legal requirements tied to the resale restrictions.
Contact Miles Byron now for more information
If you’re thinking about buying your first home in Swindon and want to understand your options under the First Home Scheme, we’re here to help. At Miles Byron, we work with local buyers every day who are looking for the right opportunity to take that first step.
We can talk you through the latest developments, help you check your eligibility, and connect you with the right people to move forward. Contact us today and let’s start planning your next move.