Looking for your first home but not sure if you can afford it? There are plenty of first time buyer schemes that could help you take that next step. From deposit contributions to shared ownership, there are different ways to make buying a home more achievable.
At Persimmon we also offer a range of buying schemes to help eligible buyers purchase a new-build home, including support with deposits and mortgage costs.
In this guide, we'll explore the main options, explain how they work and help you discover which route could be right for you.
First-time buyer schemes are designed to make homeownership more accessible. Depending on the scheme, they could help you save a deposit, reduce the amount you need to borrow or make your first few months of mortgage payments more manageable.
Some are government-backed, while others are offered by housing associations, mortgage providers or housebuilders.
The right option depends on your savings, income, location and the type of home you're hoping to buy. Let's look at the different routes available.
Before choosing between first time buyer schemes, think about these five important factors.
Work out how much you've saved and what deposit you'll need. A deposit scheme for first time buyers, such as Deposit Match or Deposit Boost, could help eligible Persimmon buyers increase their deposit. Shared ownership may mean you only need a deposit for the share you're purchasing.
Don't forget solicitor's fees, moving costs and any applicable property taxes.
Look beyond the initial offer. Consider mortgage repayments, rent if you're buying through shared ownership, household bills, insurance and maintenance.
Mortgage Assist could help with your initial mortgage costs, but make sure you can afford your repayments once the support ends.
Some schemes have income limits or specific eligibility criteria. Others require you to meet a mortgage lender's affordability checks. Always check the requirements before committing to a property.
Some schemes apply only to new-build homes or selected developments. Persimmon's new build buying schemes are available on selected plots, so ask your local sales team what's available.
Check what happens when an incentive ends, whether rent or service charges could change, and how any equity loan works. Understanding the details now can help you avoid surprises later.
There's no single answer to what is the best scheme for first time buyers. It depends on your savings, income and plans. Here's where you could start.
It's easy to focus on getting the keys and overlook the details. Keep these common mistakes in mind:
Taking time to compare your options can help you feel more confident about your decision.
Sometimes. You might use a Lifetime ISA to build your deposit and then explore a separate buying scheme, provided you meet the rules for both.
However, housebuilder incentives often have restrictions on combining offers. Persimmon schemes generally can't be used together, so check the individual terms and ask your local sales team what applies to your chosen home.
Buying your first home is a big step, but you don't have to work everything out alone. Start by setting your budget, checking your eligibility and speaking to a mortgage advisor about your options.
Then explore Persimmon's buying schemes and browse our range of new-build homes to see what's possible. Whether you're building your deposit or ready to start viewing homes, we're here to help you take that next step.
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