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First Time Buyers

Question for Ministry of Housing, Communities and Local Government

UIN 10156, tabled on 4 June 2021

To ask the Secretary of State for Housing, Communities and Local Government, whether the 30 per cent discount of the First Homes policy is intended to replace the requirement for a deposit from the purchaser or whether a deposit is still required.

Answered on

14 June 2021

The discount is not intended to replace the deposit on a home but will make it significantly cheaper. We expect mortgage companies to be able to offer high loan-to-value mortgages on the discounted price of a First Home which, combined with the reduced cost of the home itself, could mean deposits are thousands of pounds cheaper than purchasing the same home on the open market.

Interests declared
The Member has declared that they have interests which may be relevant to the subject matter of this question.