Starter Home Scheme
HOW DO I QUALIFY FOR THIS SCHEME?
- You are a first time buyer using the property as your sole/main residence
- Your household income is less than £80,000
- You are at least 23 in age but have not yet reached the age of 40
- OR Are over 40 acquiring the property jointly with a first time buyer who is between 23 and 40
- OR Are a current or former member of Her Majesty’s Armed Forces who was injured in service or was the partner of a member of the Armed Forces who died in service
HOW IT WORKS
When purchasing a home using the started home scheme, your price will be capped at 80% of the open market value of the property for 5 years.
Market value: £163,091
Purchase price: £130,472
Discount (20%): £32,619
Starter Homes must not be resold or let at their open market value for 5 years following the initial sale. If the Starter Homes is resold within 5 years property must be resold to a qualifying person at a price not exceeding the Starter Home Unit price (80% market value). If the Starter Homes is resold after 5 years the property can be sold at full open market value.