Home Buy Schemes


Concierge Estates offer specially catered Schemes aimed at aiding first-time buyers to get on the property ladder and buyers looking for new-build options

What is New Buy?

As you may be aware many people are unable to purchase a home or move house because of the large deposits required in today’s difficult mortgage market which is why the lettings market is booming.

Good news, the New Buy scheme is designed to help overcome the deposit gap for new home buyers.

Its designed and  aimed at first-time buyers and those who already own a home who only have funds for a 5-10% deposit on the home they wish to buy in England. There are many lenders who are participating in the scheme and willing to  provide a 90-95% loan-to-value mortgage for buyers meeting their qualifying criteria.

This scheme is mainly supported by the building industry and mortgage lenders – the banks and building societies – working in partnership with the Government. It’s designed to protect the lenders against losses in the unfortunate event of a repossession, which is why they are prepared to make 90-95% mortgages available. It is important to note that this does not change a borrower’s responsibility to repay the mortgage in any way.

What is First Buy?

A number of HomeBuy schemes are available to help people buy their own home. FirstBuy is a new one of these schemes, designed specifically to support first-time buyers.Just like Home Buy this is also government backed.

This was first announced in this year’s Budget to help first-time buyers get onto the property ladder. FirstBuy is expected to help about 16,275 first-time buyers via a shared equity scheme jointly funded by the Government and developers. It will only be available to those purchasing new build homes.

It’s a joint venture where the Government and the developer will each contribute 10 per cent of the property cost leaving the prospective first-time buyer to contribute five per cent. This 25 per cent deposit will then enable the first-time buyer to secure mortgage funding on the remaining 75 per cent of the home.

Loans will be free of charge for the first 5 years and repaid when the property is resold. The maximum new home value under the scheme is £280,000 but this could increase to £300,000 in exceptional circumstances. The scheme is only available if you are a first time buyer and your household income is less than £60,000.

How to Apply?

Step 1

Call our office and speak to our dedicated sales team who will check for home builders building in your area. They will explain which options are available to you and find a home to meet your needs.

  • Call our office and speak to our dedicated sales team who will check for home builders building in your area. They will explain which options are available to you from our various schemes.

Step 2

Once we have established your needs we help you find a new home from participating builder who are on this scheme. When we have located a property you are interested in we will arrange a viewing for you to view the property.

Step 3

Now our independent financial advisor will assess your mortgage requirements and advise you on the best mortgage product for you. We shall speak directly to lenders who are participating in the scheme. Once we have a mortgage offer approved you can go and reserve your property. In some cases home builders will be looking for buyers to exchange contracts within 30 days of making a property reservation.

Step 4

Once your house is ready we arrange a final inspection on your property and arrange a date for you to move in. This whole process can take up to 7 weeks from start to finish in you becoming a proud new home owner.


Special requirements

Both schemes have some requirements that we need to make you  aware of:

Qualifying criteria for all FirstBuy & Homebuy applicants

  • Must be unable to afford to buy a suitable home in their local open market without assistance
  • Must show the ability to have access to funds to pay for if required, a deposit , legal fees, stamp duty and other costs of moving.
  • Must be able to sustain the costs of  home ownership for the long term. Usually, all applicants will be employed on a permanent contract of employment although there are some exceptions for key workers. You must be able to provide accounts for the last three years If you are self-employed.
  • You must not already own a home or be named on a home mortgage. If an applicant has their name on a mortgage they will need to provide evidence that is in the process or has it has been removed.
  • Your credit history must be good.  If you have bad credit history you will not be eligible for FirstBuy and the Homebuy schemes.