First-Time Homebuyer Programs in Hove: Guide to Local Assistance

By Hove Mortage Services | 6 November 2024

Buying your first home in Hove can be both exciting and daunting. With property prices still rising and mortgage affordability a key concern, first-time buyers often need financial assistance to get onto the property ladder. Fortunately, there are several local and national schemes that can help. This guide explores the best first-time homebuyer programs available in Hove in 2024.

1. First Homes Scheme

The First Homes Scheme is a government initiative that offers 30-50% discounts on new-build homes for first-time buyers.

✔ Who’s eligible?

  • You must be a first-time buyer.
  • Your household income must be below £80,000 (£90,000 in London).
  • The home must be your main residence.

✔ How to apply?

  • Check local new-build developments offering First Homes discounts.
  • Apply through the developer and secure mortgage approval.

💡 Tip: In Hove, some new developments in Aldrington and Portslade are expected to offer First Homes properties.

2. Shared Ownership in Hove

With Shared Ownership, you buy a 25-75% share of a property and pay rent on the remaining portion. This scheme is ideal if you can’t afford a full mortgage on a home in Hove.

✔ Who’s eligible?

  • First-time buyers earning under £80,000 a year.
  • You must not own another property.

✔ Where to find Shared Ownership homes?

  • Shoreham Harbour developments often list properties under this scheme.
  • Local housing associations provide updates on availability.

3. Mortgage Guarantee Scheme (95% Mortgages)

Struggling to save for a large deposit? The Mortgage Guarantee Scheme allows first-time buyers to secure a 95% mortgage, meaning you only need a 5% deposit.

✔ Best for: Buyers who can afford monthly payments but lack a big deposit.

✔ How to apply?

  • Check with high-street lenders (Barclays, NatWest, Santander) participating in the scheme.
  • Get a mortgage pre-approval to know how much you can borrow.

💡 Tip: In Hove, expect to pay around £20,000 for a 5% deposit on a £400,000 home.

4. Help to Buy: ISAs & LISAs

Although Help to Buy ISAs are closed to new applicants, a Lifetime ISA (LISA) still offers a 25% government bonus on savings up to £4,000 per year.

✔ Who’s eligible?

  • First-time buyers aged 18-39.
  • You must use it towards your first home purchase.

💡 Tip: If you and your partner both open LISAs, you can save £10,000 per year with a £2,500 bonus!

Final Thoughts

Hove offers plenty of first-time buyer programs to make homeownership more accessible. Whether you use Shared Ownership, First Homes discounts, or 95% mortgages, exploring these schemes early can give you an advantage in Hove’s competitive property market.

🚀 Next Step: Contact a local mortgage broker to see which schemes you qualify for and start your journey to homeownership in Hove today!

Posted in Hove Mortgage Blog