Fat chance of that happening if you ask me. Space is a issue as well as affordability for the developers. Flats are the only thing that makes sense in built up cities like London. Your best bet is to move out to somewhere more affordable with enough cheap plots to build houses. My humble opinion of course 😊
@@TheMalcolms7 true but it's such a shame though, in some greater London boroughs there are blocks of new build flats that have been left empty for years because the local people don't want them. Looking back, a housing development would have made them more money
@Self Invested firstly, you are very clear. Re this 'scheme' buyer beware of words such as 'affordable' and 'market value' because the new build homes are usually very overpriced, not to mention service charges. Are there still any key worker schemes for real /existing homes on the open market? There used to be I believe.
Glad you think so :) Thank you for watching! First Homes in the future will be available to key workers (when they are resold) although this will take some time to feed through. I'm not aware of other schemes with existing properties for key workers
I've tried to watch this with a critical eye but it honestly sounds like a great scheme overall and something future buyers should seriously consider. The only down side I could think of is that it might being down the resale price of other properties in the immediate area if the new build house is built on a very small development or annexed to an existing row of terraced houses, but that wouldn't be a concern for the first time buyer. I honestly think it sounds great!
Yeah, I think you’re right! It’s definitely an improvement on the current schemes available to first time buyers, and the only downside is a general one with new builds!
Couple of questions.. When selling the house do you have to sell it to first time buyers or anyone can buy it? If its first time buyers only it limits the market and will be harder to sell. Second question is: Buying a house 350k for 245k (30%) discount, which is £105k in total, but when selling £400k house - 30% discount bring the price down to £280k, so that 30% discount is now £120k, so you have lost £15k in appreciation of the property. As first time round you had £105k discount but now offering £120k to the second buyers, the property has appreciated £50k in total but you are only getting £35k in your pocket.. If that was your own house bought without the scheme you would have had all of the £50k.
Great video! Love your channel! Could you please do a video on pros&cons of buying a new build house as a first time buyer or buying a pre-owned home instead?
Extremely organised ...are you a Virgo sun,moon or North Node? 🧐 Regarding the definition of first time buyer... What happens if the buyer has a mortgage overseas, but lives and works in the UK and intents to buy a property for the first time in the UK? Thanks
Lol thank you! I'm a taurus, but that's as much as I know! A first time buyer is defined as someone that has never purchased or owned an interest in a property in the UK or anywhere in the world.
Hi, great video, Is the price advertised online the price that includes the 30% discount or do we (first time buyers) have to deduct 30% off the price set online?
Hey Abbas! Thank you for watching 🙏🏿 From what I understand, the price of the home should be advertised at the discounted price. Here's a video where I discuss how it will work in more detail: ruclips.net/video/Rsp8vvFq81g/видео.html
Do you think that you will still be able to make an -under asking price- offer, even after the discount of the scheme applied? Of course IF demand won't be crazy high.
I think it will be similar to Shared Ownership where the price will be the price (non-negotiable) and will be based on the current market value. This is what I suspect, however, so I may be wrong!
@@SelfInvested yes I think so too, BUT that then should mean that the current market value should be FAIR.. not like the rest of plots selling with premium and pumped prices on top, so the builders make safe profit margins.
@@SelfInvested What I mean is, if for example the builder sell the normal(out of affordable houses) flats for example for £130k ; and £30k out of it is just premium and safe margin, even though the actually price of the flat should be £100k, then it would only be fair that the First Homes of that development should be £100k in price (before discount applies). That would only be fair.
Hi.. I have one small query, if I will apply only with my name for home in this scheme and home and mortgage all are on my name only then hope my partner salary won't count for 80k cap? Only my salary will be counted for eligibility?
That last comment you made about the discount being transferred to the next ftb unlike the right to buy scheme is so key! But frustrating that this probably won’t be widely available for years. If indeed, it’s fully rolled out.
Yh, I think they should change the right to buy scheme to work in a similar way. I think it gives right to buyers an unfair advantage which isn't passed on to anyone else. It also reduces the social housing stock and is not replaced on even a 1 to 1 basis. I really hope it is rolled out, and I think it will, I'm just unsure whether the supply will meet the demand!
@@SelfInvested All this talk of “generation rent”. Surely the gov recognise the unfair advantage right to buy afforded some? As well as the disaster it’s been for social housing. But they’ve failed to do anything about it. I never understood why.
@@aliciaoke608 You’re right, and I don’t understand why either. It’s something I would have to research more. However, I believe it was introduced by Margaret Thatcher in 1980. I think a simple change to continue the discount for future buyers would make a huge difference to helping people get on the property ladder.
@@SelfInvested yes it was a Thatcherite era policy intended to reduce “the burden on the state”. Instead, it’s led to gentrification, lack of social housing stock and councils having to subsidise market rent for those on low incomes (costing them more no doubt). There has been lots of research and reviews but... Maybe, this might be the beginning of them changing it.
Does that mean when you come to sell your First Home in the future that you can only sell to first time buyers? Given that the first buyer had to be....all buyers thereafter also have to be first time?
Good question! To be completely honest, I’m not 100% sure. It would make sense if that was the case because it would still be a First Home, even though it’s being resold. I’ll need to check!
It's not only for key worker, although they will be prioritised, it's also for people with a local connections to an area. For example, those that already live, work and have grown up in an area. I'm not clear on the exact details (each local authority may have their own criteria), but this is my understanding...
Good and informative Video. My question is the Following. When this property is resold the 30% discount need to be given the next buyer, but then at the resale is it limited to be sold to a first time buyer again? Otherwise as a 2nd owner of these properties going to be sold WAY BELOW market value and would be an opportunity to grab a bargain or open for potential for Bidding war way up to the marker price. It looks a bit of a weird proposal.
Thank you for watching the video, I’m glad you liked it! From my understanding of the scheme, the property will have to be resold to first-time buyer. I think the valuation and the price the property is sold is likely to be set by an independent RICS qualified surveyor. I don’t think there will be bidding wars in terms of price, I suspect there will be a selection process similar to the allocation of Council homes, where your circumstances are considered and the person that most meets a given set of criteria, will be given first refusal on buying that property... but this is just speculation
@@SelfInvested so presumably it won't be sold on the open market but more likely sold similarly to a Shared Ownership properties where the Housing association will choose the new buyer.
Hello what is your advice for a first time buyer who is looking to purchase a 1 bed without the scheme as they have the neccesary funds.. for example do you think when it comes to selling a property in say 3/5 years they will struggle to sell it as the actual property is suited to a first time buyer but they have cheaper options with the scheme?
Hey Thomas! I can’t give specific advice, but I think demand for this scheme will be high and the supply of homes will be low. So, although many first-time buyers will want to use this scheme, there will not be enough First Homes to meet their demand, and so there will still be a market for first-time buyers outside of this scheme... I would just buy a flat with good terms - share of freehold or very long lease (over 125 years), zero ground rent, low service charge and a decent sinking fund - I think this would make my flat more desirable when I want to sell
Hi David! It's difficult to say at the moment how mortgage lenders will respond to this scheme. I believe the government plan to work with lenders to ensure they provide competitive products for First Homes. At the moment, I don't think you can get a mortgage with a 5% deposit outside of the Shared Ownership and Help to Buy schemes, and I would imagine this would be the same for First Homes - as in you would need at least a 10% deposit - but we will have to wait and see. When there's more information, I'll make another video!
Great video as always! Thanks for breaking it down. Am I right to compare it to the help to buy equity loan? It seems the main advantages as a first time buyer here are: (i) bigger discount (30% vs 20% on H2B) and (ii) no “interest”. I do wonder what this would do to other house prices. I wonder if they would really limit how many houses fall under the scheme
Thank you Toju! So the main difference between the H2B loan and this scheme is that under this scheme you own 100% of your property and don’t need to repay anything other than your traditional mortgage. The H2B loan will account for an equity share in your home, which you’ll have to repay and pay interest on from year 6. In terms of how many homes will fall under the scheme, house builders will negotiate will local authorities on how many properties to offer under this scheme as part of Section 106, which is essentially a tax or contribution towards local infrastructure, and this will be seen as an affordable housing contribution from the builder. Hope this makes sense!
@@SelfInvested thanks for the quick and detailed reply. I hadn't looked into this in depth and didn't realise it's part of the affordable housing contribution from the builder. So more directly comparable with the shared ownership scheme. Totally makes sense, thanks!
Could you please clarify what the below means more? A First Home should be the buyers only home and a purchaser will need to use a mortgage or home purchase plan for at least 50% of the purchase price of the home Is it 50% of the discounted price you need it have it on mortgage?
So, yes, this means that the purchaser must use a mortgage of at least 50% of the property’s discounted value when buy a First Home. So, if a First Home costs £100k, the buyer must use at least a £50k mortgage to buy it (the mortgage can be more, however, up to 95% of the property’s discounted value)… Does this answer your question?
Solid video as always bro. I have been researching this topic myself and so far I can't spot any pitfalls but it's still early days. One thing that I am wondering is how will they determine who gets the limited amount of properties as the supply will undoubtedly fall short of the colossus demand?
Thank you 🙏🏿 In terms of selecting criteria, they’ve said key workers and veterans will be prioritised. Local authorities will also be able to set salary caps and local connection requirements. Beyond that, I suspect it will be similar to how social housing, such as council housing, is prioritised, but to be completely honest, I’ll need to research this further
@@TheMalcolms7 I think only a lucky few will benefit, but my hope is that the example of the discount in perpetuity (for all future sales) is adopted buy other schemes that sell homes at a discounted rate, such as Right to Buy.
I don’t have a home under the Shared Ownership scheme. You should be able to have a lodger but you’ll have to check your specific lease to be sure. In terms of renting out completely, you’re not allowed to do this generally with Shared Ownership and would have to get special permission from your housing association.
I’m going to do a video comparing leasehold to freehold, which will partially cover this, so make sure you check it out and let me know if you have any more questions!
Thanks for another amazing video this scheme has got my attention. One question though when it comes time to sell on the house are you saying with the discount applied that the seller will then recieve 30% less than if they would selling the hous without the scheme? or do they get the full value of the home at the time but the buyer gets a discount on the purchase?
Thank you Channette! So yes, when you sell your First Home, you’ll receive 30% (or whatever discount you received) less than the market value, which I think is fair and will help future buyers get on to the property ladder. I also think it’s better than the H2B equity loan because you’ll own 100% of your property and not have to pay any interest other than on your mortgage!
I don’t think so. I believe Shared Ownership will be kept as a completely separate scheme. I also don’t think you’ll be able to use the H2B loan on the scheme.
The publication I read only mentions England, so I’m not sure: assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/972540/First_Homes_consultation_response.pdf
I like your videos keep it up. I remember quite a few years ago the conservative government banging on about this scheme and they didn't stick to their word as per usual, just like with any government in power. Like you said a limited amount will be made most will be flats in London and we got enough of them over priced 1/2 bed flats. We need a lot more fair priced decent sized 3 beds. I'm 34 In May still live with my parents in south London and 1 bed won't be any good for me and I will have to skip and go higher due to circumstances in my life which can always change of course. It's a much needed overdue scheme but this was promised years ago and no homes were even built to use the scheme. I remember signing up on the mailing list and nothing happened. What do you think about Pocketliving.com as I heard about this on Spotify and you could do a video on that also as it's a similar scheme. But until houses are not treated as a commodity but a human right I don't see much changing, but house prices I expect will come down at some point and is seriously needed.
Hey Josh! Thank you for the encouragement and for sharing your experience. It sounds like we’re the same age and birth month ;) House prices in London are ridiculous. Other parts of the country are more reasonable, but I do think you should be able to afford to live in the area you work (or at least reasonably close to). I also don’t think buying a house is the be all and end all. I think the pressure people feel to buy a home is not healthy, and shouldn’t be the way. I think affordable rented property should be a priority for every government, ahead of affordable homes to buy
@@SelfInvested Hahah well this may sound biased but the best are born in May ;) and if you're a Gemini. I work close to Crawley and the areas surrounding that have homes which are far better value for money compared to my birth place of Croydon which I reside in. In Croydon I cannot afford what I want so I will be forced and have little choice but to move further out from it. Also homes around Croydon that are cheaper second hand or pre owned need a lot of work done which would cost thousands ontop of the high price sellers want which I cannot justify or the homes are too old and not built for modern living anymore. I am a paitent man though made it this far without doing it I can make it to my 40's and thats a reality I am prepared for :D
@@plagus1987 You're right about one thing, May babies are the best, but you're wrong about Geminis, Taureans come top! ;) haha! Don't rule out old building properties. Keep looking there are good deals to be had. Possibly look for ex-council homes... Stuff pre-1970s, tend to be well built and spacious...
@@SelfInvested it's good so far. Bloor homes Evesham ( builder) did initial assessment. After that I filled council application form and supporting documents to council. Council came back in 10 days and approved 1 of the 3 properties available. I applied for all 3 properties. Filled one application form but prioritised property 1,2 and 3. All home were in worcestershire council.
Hey Mohsen! I want to publish slightly different content on IG. Possibly more personal or shorter snippets. I want to keep the longer form content on YT.
Where are you based? In London, the market value will be up to £600k. But outside London, you’re right, this could be an issue in areas with higher property values. The local authorities may have to set bigger discounts of up to 50%, so the price of First Homes is no more than £250k….
Sounds good! I hope they build some houses in London instead of just flats
I hope so too!🤞🏿
Fat chance of that happening if you ask me. Space is a issue as well as affordability for the developers. Flats are the only thing that makes sense in built up cities like London. Your best bet is to move out to somewhere more affordable with enough cheap plots to build houses. My humble opinion of course 😊
@@TheMalcolms7 I think you’re right, unfortunately!
@@TheMalcolms7 true but it's such a shame though, in some greater London boroughs there are blocks of new build flats that have been left empty for years because the local people don't want them. Looking back, a housing development would have made them more money
@Self Invested firstly, you are very clear.
Re this 'scheme' buyer beware of words such as 'affordable' and 'market value' because the new build homes are usually very overpriced, not to mention service charges.
Are there still any key worker schemes for real /existing homes on the open market? There used to be I believe.
Glad you think so :) Thank you for watching!
First Homes in the future will be available to key workers (when they are resold) although this will take some time to feed through. I'm not aware of other schemes with existing properties for key workers
I've tried to watch this with a critical eye but it honestly sounds like a great scheme overall and something future buyers should seriously consider. The only down side I could think of is that it might being down the resale price of other properties in the immediate area if the new build house is built on a very small development or annexed to an existing row of terraced houses, but that wouldn't be a concern for the first time buyer. I honestly think it sounds great!
Yeah, I think you’re right! It’s definitely an improvement on the current schemes available to first time buyers, and the only downside is a general one with new builds!
@@SelfInvested very,very interesting. Well let's see what happens over the next few years!
I like the sound of this 30% discount, and I don’t mind the wait 👌🏾👌🏾👌🏾
Lol! I love me a discount too!!
@@SelfInvested but I wonder could I use both my lifetime ISA and this 30% at the same time though ? Possibly
I’d be surprised if you weren’t able to, but I’ll check and see. I don’t think you’ll be able to use the Help to Buy Equity Loan though!
Couple of questions.. When selling the house do you have to sell it to first time buyers or anyone can buy it? If its first time buyers only it limits the market and will be harder to sell.
Second question is: Buying a house 350k for 245k (30%) discount, which is £105k in total, but when selling £400k house - 30% discount bring the price down to £280k, so that 30% discount is now £120k, so you have lost £15k in appreciation of the property. As first time round you had £105k discount but now offering £120k to the second buyers, the property has appreciated £50k in total but you are only getting £35k in your pocket.. If that was your own house bought without the scheme you would have had all of the £50k.
Great video! Love your channel! Could you please do a video on pros&cons of buying a new build house as a first time buyer or buying a pre-owned home instead?
Thank you! Definitely! It’s on the list.
Hey Catherine! Have you watched my latest video? ruclips.net/video/okjtPNQHdG0/видео.html - I hope you found it useful!
Why am I only now hearing about this scheme! Thanks for a great video as usual 😊
Need to hit that notification bell! Glad you liked it :)
Extremely organised ...are you a Virgo sun,moon or North Node? 🧐 Regarding the definition of first time buyer... What happens if the buyer has a mortgage overseas, but lives and works in the UK and intents to buy a property for the first time in the UK? Thanks
Lol thank you! I'm a taurus, but that's as much as I know! A first time buyer is defined as someone that has never purchased or owned an interest in a property in the UK or anywhere in the world.
Thank you - after hearing about this scheme I watched your video and it really helped to understand!
Glad it was helpful! Thanks for watching!
Where do I find first home scheme properties.?
So much concise information; thanks 🙏🏻
You’re welcome :)
Hi, great video, Is the price advertised online the price that includes the 30% discount or do we (first time buyers) have to deduct 30% off the price set online?
Hey Abbas! Thank you for watching 🙏🏿
From what I understand, the price of the home should be advertised at the discounted price. Here's a video where I discuss how it will work in more detail: ruclips.net/video/Rsp8vvFq81g/видео.html
Appreciate the video.. could you pls make video about comparison of banks in Uk for mortgage
I could look into this for you. Is there anything specifically you want to understand or find out?
Do you think that you will still be able to make an -under asking price- offer, even after the discount of the scheme applied?
Of course IF demand won't be crazy high.
I think it will be similar to Shared Ownership where the price will be the price (non-negotiable) and will be based on the current market value. This is what I suspect, however, so I may be wrong!
@@SelfInvested yes I think so too, BUT that then should mean that the current market value should be FAIR.. not like the rest of plots selling with premium and pumped prices on top, so the builders make safe profit margins.
@@SelfInvested What I mean is, if for example the builder sell the normal(out of affordable houses) flats for example for £130k ; and £30k out of it is just premium and safe margin, even though the actually price of the flat should be £100k, then it would only be fair that the First Homes of that development should be £100k in price (before discount applies). That would only be fair.
Hi.. I have one small query, if I will apply only with my name for home in this scheme and home and mortgage all are on my name only then hope my partner salary won't count for 80k cap? Only my salary will be counted for eligibility?
That last comment you made about the discount being transferred to the next ftb unlike the right to buy scheme is so key! But frustrating that this probably won’t be widely available for years. If indeed, it’s fully rolled out.
Yh, I think they should change the right to buy scheme to work in a similar way. I think it gives right to buyers an unfair advantage which isn't passed on to anyone else. It also reduces the social housing stock and is not replaced on even a 1 to 1 basis.
I really hope it is rolled out, and I think it will, I'm just unsure whether the supply will meet the demand!
@@SelfInvested All this talk of “generation rent”. Surely the gov recognise the unfair advantage right to buy afforded some? As well
as the disaster it’s been for social housing. But they’ve failed to do anything about it. I never understood why.
@@aliciaoke608 You’re right, and I don’t understand why either. It’s something I would have to research more. However, I believe it was introduced by Margaret Thatcher in 1980. I think a simple change to continue the discount for future buyers would make a huge difference to helping people get on the property ladder.
@@SelfInvested yes it was a Thatcherite era policy intended to reduce “the burden on the state”. Instead, it’s led to gentrification, lack of social housing stock and councils having to subsidise market rent for those on low incomes (costing them more no doubt). There has been lots of research and reviews but... Maybe, this might be the beginning of them changing it.
Does that mean when you come to sell your First Home in the future that you can only sell to first time buyers? Given that the first buyer had to be....all buyers thereafter also have to be first time?
Good question! To be completely honest, I’m not 100% sure. It would make sense if that was the case because it would still be a First Home, even though it’s being resold. I’ll need to check!
I'm craving for this scheme but I'm not even sure if they'll consider me a Key Worker being a bus driver.
It's not only for key worker, although they will be prioritised, it's also for people with a local connections to an area. For example, those that already live, work and have grown up in an area. I'm not clear on the exact details (each local authority may have their own criteria), but this is my understanding...
Thank you for a great video!
Survey done :)
Good luck!
Glad you enjoyed it! Thank you for completing the survey!!
Good and informative Video. My question is the Following. When this property is resold the 30% discount need to be given the next buyer, but then at the resale is it limited to be sold to a first time buyer again? Otherwise as a 2nd owner of these properties going to be sold WAY BELOW market value and would be an opportunity to grab a bargain or open for potential for Bidding war way up to the marker price. It looks a bit of a weird proposal.
Thank you for watching the video, I’m glad you liked it! From my understanding of the scheme, the property will have to be resold to first-time buyer. I think the valuation and the price the property is sold is likely to be set by an independent RICS qualified surveyor. I don’t think there will be bidding wars in terms of price, I suspect there will be a selection process similar to the allocation of Council homes, where your circumstances are considered and the person that most meets a given set of criteria, will be given first refusal on buying that property... but this is just speculation
@@SelfInvested so presumably it won't be sold on the open market but more likely sold similarly to a Shared Ownership properties where the Housing association will choose the new buyer.
@@ukcarrebuilds3277 I suspect so, but I may be wrong...
Hello what is your advice for a first time buyer who is looking to purchase a 1 bed without the scheme as they have the neccesary funds.. for example do you think when it comes to selling a property in say 3/5 years they will struggle to sell it as the actual property is suited to a first time buyer but they have cheaper options with the scheme?
Hey Thomas! I can’t give specific advice, but I think demand for this scheme will be high and the supply of homes will be low. So, although many first-time buyers will want to use this scheme, there will not be enough First Homes to meet their demand, and so there will still be a market for first-time buyers outside of this scheme... I would just buy a flat with good terms - share of freehold or very long lease (over 125 years), zero ground rent, low service charge and a decent sinking fund - I think this would make my flat more desirable when I want to sell
Hi great video, thank you. Do you know what type of deposit will be needed, 10% or 5%?
Hi David! It's difficult to say at the moment how mortgage lenders will respond to this scheme. I believe the government plan to work with lenders to ensure they provide competitive products for First Homes.
At the moment, I don't think you can get a mortgage with a 5% deposit outside of the Shared Ownership and Help to Buy schemes, and I would imagine this would be the same for First Homes - as in you would need at least a 10% deposit - but we will have to wait and see. When there's more information, I'll make another video!
@@SelfInvested thank you 🙏🏽
Great video as always! Thanks for breaking it down. Am I right to compare it to the help to buy equity loan? It seems the main advantages as a first time buyer here are: (i) bigger discount (30% vs 20% on H2B) and (ii) no “interest”. I do wonder what this would do to other house prices. I wonder if they would really limit how many houses fall under the scheme
Thank you Toju! So the main difference between the H2B loan and this scheme is that under this scheme you own 100% of your property and don’t need to repay anything other than your traditional mortgage. The H2B loan will account for an equity share in your home, which you’ll have to repay and pay interest on from year 6.
In terms of how many homes will fall under the scheme, house builders will negotiate will local authorities on how many properties to offer under this scheme as part of Section 106, which is essentially a tax or contribution towards local infrastructure, and this will be seen as an affordable housing contribution from the builder. Hope this makes sense!
@@SelfInvested thanks for the quick and detailed reply. I hadn't looked into this in depth and didn't realise it's part of the affordable housing contribution from the builder. So more directly comparable with the shared ownership scheme. Totally makes sense, thanks!
Could you please clarify what the below means more?
A First Home should be the buyers only home and a purchaser will need to use a mortgage or home purchase plan for at least 50% of the purchase price of the home
Is it 50% of the discounted price you need it have it on mortgage?
So, yes, this means that the purchaser must use a mortgage of at least 50% of the property’s discounted value when buy a First Home. So, if a First Home costs £100k, the buyer must use at least a £50k mortgage to buy it (the mortgage can be more, however, up to 95% of the property’s discounted value)… Does this answer your question?
Yes makes sense cheers
Solid video as always bro. I have been researching this topic myself and so far I can't spot any pitfalls but it's still early days. One thing that I am wondering is how will they determine who gets the limited amount of properties as the supply will undoubtedly fall short of the colossus demand?
Thank you 🙏🏿 In terms of selecting criteria, they’ve said key workers and veterans will be prioritised. Local authorities will also be able to set salary caps and local connection requirements. Beyond that, I suspect it will be similar to how social housing, such as council housing, is prioritised, but to be completely honest, I’ll need to research this further
@@SelfInvested so on other words it's going to be chaos with folks desperately trying to get on. We will watch the space I guess.
@@TheMalcolms7 I think only a lucky few will benefit, but my hope is that the example of the discount in perpetuity (for all future sales) is adopted buy other schemes that sell homes at a discounted rate, such as Right to Buy.
I was wondering if you had a home under the shared ownership what are the restrictions in terms of renting/lodgering?
I don’t have a home under the Shared Ownership scheme. You should be able to have a lodger but you’ll have to check your specific lease to be sure. In terms of renting out completely, you’re not allowed to do this generally with Shared Ownership and would have to get special permission from your housing association.
Would it be possible to do a video, talking about the restrictions in terms or renting/ lodgers under the government schemes
Could you do a video on how leaseholds work in other countries?
I’m going to do a video comparing leasehold to freehold, which will partially cover this, so make sure you check it out and let me know if you have any more questions!
Thanks for another amazing video this scheme has got my attention. One question though when it comes time to sell on the house are you saying with the discount applied that the seller will then recieve 30% less than if they would selling the hous without the scheme? or do they get the full value of the home at the time but the buyer gets a discount on the purchase?
Thank you Channette! So yes, when you sell your First Home, you’ll receive 30% (or whatever discount you received) less than the market value, which I think is fair and will help future buyers get on to the property ladder. I also think it’s better than the H2B equity loan because you’ll own 100% of your property and not have to pay any interest other than on your mortgage!
@@SelfInvested Great thanks for clearing that up and yes I think your right x
@@ChannetteCarleoTVYou’re welcome 😉
Amazing video as always mate. One question, where can we find these houses? I mean is there a special website for only this scheme?
Thank you, GT. Glad you enjoyed it. So the scheme hasn't been launched yet, but as soon as there more information, I'll make another video ;)
@@SelfInvested amazing Lemual, thank you so much, looking forward to your video on that. I clicked the bell icon :)
@@t1000se thank you 🙏🏿
Hi, how and where to find this type of houses. Thanks
Hey A R, the scheme hasn’t been launched yet. As soon as it is, I’ll make another video
Can you buy the house on this scheme with the shared ownership?
I don’t think so. I believe Shared Ownership will be kept as a completely separate scheme. I also don’t think you’ll be able to use the H2B loan on the scheme.
Will this scheme apply in Wales.
The publication I read only mentions England, so I’m not sure: assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/972540/First_Homes_consultation_response.pdf
No it’s only available in England, which is very disappointing as a Englishmen living in wales lol
Are these freehold?
I’m sure there will be freehold First Homes, but I wouldn’t be surprised if the majority were leasehold!
Good video
I like your videos keep it up. I remember quite a few years ago the conservative government banging on about this scheme and they didn't stick to their word as per usual, just like with any government in power. Like you said a limited amount will be made most will be flats in London and we got enough of them over priced 1/2 bed flats. We need a lot more fair priced decent sized 3 beds. I'm 34 In May still live with my parents in south London and 1 bed won't be any good for me and I will have to skip and go higher due to circumstances in my life which can always change of course. It's a much needed overdue scheme but this was promised years ago and no homes were even built to use the scheme. I remember signing up on the mailing list and nothing happened. What do you think about
Pocketliving.com as I heard about this on Spotify and you could do a video on that also as it's a similar scheme. But until houses are not treated as a commodity but a human right I don't see much changing, but house prices I expect will come down at some point and is seriously needed.
Hey Josh! Thank you for the encouragement and for sharing your experience. It sounds like we’re the same age and birth month ;)
House prices in London are ridiculous. Other parts of the country are more reasonable, but I do think you should be able to afford to live in the area you work (or at least reasonably close to). I also don’t think buying a house is the be all and end all. I think the pressure people feel to buy a home is not healthy, and shouldn’t be the way. I think affordable rented property should be a priority for every government, ahead of affordable homes to buy
Thank you for the link to Pocket Living. I’ll look into this too!
@@SelfInvested Hahah well this may sound biased but the best are born in May ;) and if you're a Gemini. I work close to Crawley and the areas surrounding that have homes which are far better value for money compared to my birth place of Croydon which I reside in. In Croydon I cannot afford what I want so I will be forced and have little choice but to move further out from it. Also homes around Croydon that are cheaper second hand or pre owned need a lot of work done which would cost thousands ontop of the high price sellers want which I cannot justify or the homes are too old and not built for modern living anymore. I am a paitent man though made it this far without doing it I can make it to my 40's and thats a reality I am prepared for :D
@@plagus1987 You're right about one thing, May babies are the best, but you're wrong about Geminis, Taureans come top! ;) haha!
Don't rule out old building properties. Keep looking there are good deals to be had. Possibly look for ex-council homes... Stuff pre-1970s, tend to be well built and spacious...
I got 30% property in Evesham
Really?! Through this scheme or another similar?
@@SelfInvested it's good so far. Bloor homes Evesham ( builder) did initial assessment. After that I filled council application form and supporting documents to council. Council came back in 10 days and approved 1 of the 3 properties available. I applied for all 3 properties. Filled one application form but prioritised property 1,2 and 3. All home were in worcestershire council.
@@muhammadomer6835 are you following me on IG?
@@SelfInvested no. Only on YT.
Hello so has the scheme already launched?
👍
Thanks for watching ;)
Great vid
Thank you Curtis. I appreciate you watching as well. I have a follow up video coming out soon!
You can put your videos on Instagram tv too
Hey Mohsen! I want to publish slightly different content on IG. Possibly more personal or shorter snippets. I want to keep the longer form content on YT.
I need to let my relatives in the UK about this scheme it sounds good 👌
Definitely!
Good luck finding a new build where I live for less than 357k…
Where are you based? In London, the market value will be up to £600k. But outside London, you’re right, this could be an issue in areas with higher property values. The local authorities may have to set bigger discounts of up to 50%, so the price of First Homes is no more than £250k….
This is because they are overpriced in the first place.