First Homes / Discounted Market Sale Mortgages
Our First Homes / Discounted Market Sale (DMS) products are designed for properties purchased at a discount to the full market value.
The government’s First Homes scheme provides a discount of between 30% and 50% of the property's open market value. The scheme is available for First Time Buyers with a combined household income of less than £80,000 (£90,000 in Greater London). The purchase price of the home after the discount must be less than £250,000 (£420,000 in Greater London). A First Home should be the buyer’s only home, with their local authority providing access to the scheme.
The products are also available for other DMS schemes, which may be subject to their own rules and criteria.