New Build Homes: Fairview Launches New Save to Buy Scheme
Developer Fairview New Homes launches the new Save-to-Buy scheme for first-time buyers that allows them to move in and pay fixed rent before owning a home.
First-time home buyers now have a new option to help them save for a deposit on a new build home with the launch of Fairview New Homes' Save to Buy scheme.
The scheme allows buyers to move into the home they plan to purchase before completing the deal and pay a fixed monthly rent that goes towards their deposit.
How The Save-to-Buy Scheme Works
Currently, the Save to Buy initiative is available at two Fairview New Homes developments – New Hayes in West London and Epping Gate in Loughton, Essex. Fortunately, plans are in place to roll out the scheme to other developments throughout 2023, including new builds in London.
To qualify for the scheme, buyers must have already saved a 1% deposit of the property's value. Once they move in, they pay a fixed monthly rent, with 100% of the money going towards their deposit. Buyers typically have between six and 12 months to save their deposit and apply for a mortgage, but the scheme can run for up to two years if needed.
Eligibility and Availability
A buyer must be an employed first-timer to use the Save-to-Buy scheme, and the property must be their only residence. In other words, this initiative helps those who struggle with getting onto the property market immediately.
New homes available through the scheme are offered on a first-come, first-served basis, with Save-to-Buy set to close to new applicants in December 2023.
Other Help For First-time Buyers
In addition to the Save to Buy scheme, there are several other government-backed options available to help first-time buyers get on the property ladder, such as Shared Ownership and First Homes.
The Mortgage Guarantee Scheme has also been extended until 31 December 2023, which enables first-time buyers and home-movers to purchase a home with a smaller deposit.
Additionally, buyers can check our online stamp duty calculator to know the amount they need to pay for stamp duty on the property they want to purchase.
