First-time buyer benefits explained: schemes, savings and support

Why buying your first home comes with extra support

A 2024 report from the Building Societies Association (BSA) highlights that many first-time buyers struggle to afford deposits and manage mortgage repayments. High house prices and the cost of living can make homeownership feel out of reach, but various schemes aim to make it more accessible by reducing upfront costs and providing additional support.

 

While every buyer's circumstances are different, these schemes can help bridge the gap between renting and owning your first home.

Key benefits for first-time buyers

Some advantages for first-time buyers may include:

• Lower deposit options. Some schemes allow you to buy with as little as a 5% deposit, reducing the amount you need to save upfront.

• Government-backed schemes. Certain initiatives can reduce how much you need to borrow overall.

• Access to new-build homes. Government-backed and developer-led schemes can support eligible first-time buyers through lower deposit requirements or reduced costs on selected new-build homes.

• Stamp Duty relief. In England and Northern Ireland, first-time buyers may benefit from Stamp Duty relief on homes priced £500,000 or less.

 

Redrow's Sales Experts can help you explore which schemes you may be eligible for and guide you through the application process.

Popular schemes for first-time buyers

Several schemes are available to first-time buyers, each designed to address different barriers to home ownership. Some focus on reducing your deposit, others on lowering the purchase price or the amount you need to borrow.

 

Deposit Unlock

Deposit Unlock can help first-time buyers and existing homeowners buy a new-build home with a smaller upfront deposit.

 

With this scheme, you pay a 5% deposit and take out a mortgage for the remaining 95% of the property price. This is called a 95% loan-to-value (LTV) mortgage. An LTV mortgage is the ratio of how much you're borrowing compared to the home's value, often expressed as a percentage.

 

Available exclusively on new-build properties, Deposit Unlock is offered on selected Redrow homes priced up to £750,000. Speak to a Sales Expert at your preferred Redrow development to find out more.

First Homes scheme

Designed exclusively for first-time buyers, the First Homes scheme is a government-backed initiative offering between 30% and 50% off the market value of a new home.

To qualify, you must:

• Be at least 18 years old.

• Be a first-time buyer.

• Be able to secure a mortgage for at least 50% of the property price.

• Have an annual income of no more than £80,000 before tax (or £90,000 if buying in London), based on the previous tax year.

 

Visit GOV.UK to learn more about additional eligibility criteria. For more information on mortgages, read our mortgage guide exploring the different options available.

Help to Buy – Wales

The Help to Buy scheme in Wales offers a shared equity loan to help first-time buyers and existing homeowners purchase a new-build home worth up to £300,000.

 

The scheme can lend up to 20% of the property price, but you’ll need to provide a 5% deposit. The remaining amount must be covered by a repayment mortgage. Additionally, you must:

• Take out a first-charge repayment mortgage with a lender approved by the scheme.

• Not sublet any part of the property purchased through the scheme.

• Not be renting your current home or purchasing a second property under the scheme.

 

Visit GOV.WALES to learn more about the scheme and eligibility requirements.

 

Ready to take the next step?

Explore our range of brand-new homes and speak with our Sales Experts to discover which properties qualify for first-time buyer benefits. Learn more about how our schemes can help you move into a thoughtfully designed Redrow home.

 

FAQs

What is the minimum deposit for a first-time buyer?

With schemes like Deposit Unlock or Help to Buy – Wales, you can purchase a new Redrow home with a 5% deposit. The exact amount will depend on the property price and the scheme you're using.

Can I combine first-time buyer schemes?

Some schemes can be used together, while others can’t. Speak to our Sales Experts to learn which combinations are possible for your situation.

How do I apply for a first-time buyer scheme?

Start by checking your eligibility for the scheme you're interested in. Then, speak to one of our Sales Experts. They'll help you determine whether the scheme is available at your preferred development and guide you through the application process.

What are the benefits of buying a new-build home as a first-time buyer?

New-build homes often provide energy-efficient features, modern layouts and lower maintenance costs compared to older properties. Many first-time buyer schemes are exclusively available on new builds, which can help make them more affordable.

Are all Redrow homes eligible for first-time buyer schemes?

Scheme availability varies by development and location. Some schemes, like Deposit Unlock, are available at selected developments, while others, such as Help to Buy – Wales, are region-specific.