Buying a home through the First Homes scheme
1. Find a property and check your eligibility
Visit the developer selling First Homes properties to see what is available. If you would like to buy a First Homes property the developer, and probably a mortgage advisor, will check your eligibility against national and local criteria.
Check that the property is in the Bristol's City Council area. If local criteria apply check that you live or work in the Bristol City Council area. Check your council area (GOV.UK)
2. Get financial advice about mortgage
If you have not already done so, get financial advice about mortgage availability from a mortgage advisor.
You should also:
- get a decision in principle on a mortgage
- have a solicitor or conveyancer to advise you on the purchase.
3. Fill in the application form with the developer
If you think you are eligible, the developer will help you fill in the application form. They will send the form to us.
The developer and mortgage advisor will need information and evidence from you to check:
- eligibility, live or work in Bristol City Council area
- household income
- If you're likely to be able to get a mortgage, i.e. a ‘decision in principle'.
When your application has been completed you need to:
- sign the legal declarations on the application form, including confirmation that you and anyone you are buying with are first-time buyers
- reserve the home from the developer and pay a reservation fee which would be a maximum of £500. This is refundable if you are found not to be eligible for a First Home.
4. Your application is sent to us by the developer
The completed application is sent by the developer to us.
5. Application check
We'll check your application.
The developer must provide all necessary supporting evidence with your application.
If you meet all the requirements, we'll issue a First Homes Authority to Proceed and Eligibility Certificate to:
- you
- the developer
- the mortgage advisor
- your conveyancer.
Your conveyancer will also receive a legal pack from us.
6. Mortgage application
You can now apply for your mortgage.
Submitting a full mortgage application will incur costs , do not do this until you know you are approved to buy and you have your ‘Authority to Proceed and Eligibility Certificate.
7. Further work and declarations
Your conveyancer will work on your purchase and follow our instructions.
You'll have to make a legal declaration that you are eligible and understand the terms of the scheme and that you can only resell the home in the future to another eligible First Homes buyer.
8. Request approval to exchange contracts
When your mortgage offer is made and the contract agreed with the developer, your conveyancer will request our approval to exchange contracts.
We'll check the conveyancer's request. If it's a compliant sale, we'll issue an Authority to Exchange and Compliance Certificate to your conveyancer.
Keep the Compliance Certificate. This shows you are eligible and entitled to be a First Homes owner.
9. Pay your deposit and exchange contracts
With the Authority to Exchange, you must pay your deposit and exchange contracts to buy. At this point you are legally committed to buy.
When you exchange your developer will have confirmed how long it will take to finish your home so that you can move in.
This is usually done by agreeing a short period of notice they'll give you. The time between exchange and legal completion, when you move in, should be no more than 6 months.
10. Legal completion and moving day
When the developer has given notice of legal completion, your conveyancer will get your mortgage money from your lender to pay the developer.
On the date of legal completion, you'll get the keys and can move into your First Home.