Starter Homes Explained

 

Government schemes to help you get your foot on the property ladder can be confusing. We explain the details of the most recent, The Starter Homes Initiative.

What are starter homes?

Starters homes are homes that are discounted at 20% of the market price and are available exclusively to first time buyers. The only requirement is that you are aged between 23 and 40. The 20% discount only apply to homes under £250,000.

To be eligible you need to have a combined household income of no more than £80,000. In addition, purchasing a starter home must be, in part, financed by a mortgage. The government ask that the percentage of your home that is mortgaged be no less than 25%.

How do you get a mortgage?

All applicants must be qualified by our recommended Mortgage Advisor. Once you have registered your interest we will put you in touch with the Mortgage Advice Bureau so they can assess your suitability.

Is there anything else you need to know?

Starter homes will be discounted at 20% below market value for 15 years from the purchase date. That doesn’t mean you won’t benefit from any uplift in market value, it just won’t be the full market value.

Where can you find a starter home?

We’re building a selection of one bedroom starter apartments at The Exchange in Shipley, West Yorkshire, this year. Each starter apartment will benefit from our quality build and from the development’s close proximity to Shipley station, offering homeowners a more affordable alternative to buying closer to Leeds. Would you like to find out more about the development? Register your interest today by emailing shipleyexchange@skiptonproperties.com. We’ll email you as soon as information is released.

 


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