Learn about Beal Homes’ buying schemes designed to make purchasing a new-build home easier for first-time buyers and existing homeowners.
What Buying Schemes are Available for New-Build Homes?
Buying a new-build home is an exciting new chapter, but for many buyers, affordability and financial logistics can be a hurdle. Thankfully, there are several schemes designed to make purchasing a new-build home easier, whether you’re a first-time buyer, a key worker, or simply looking to move with minimal hassle.
Government Schemes for Buying a New-Build Home
The UK government has introduced various initiatives over the years to support homebuyers. While some, like Help to Buy, have ended, new schemes have been introduced to make homeownership more accessible. The First Homes scheme offers a minimum 30% discount on new-build properties for eligible first-time buyers. The Deposit Unlock scheme helps buyers secure 95% mortgages with a 5% deposit, whereas Shared Ownership allows buyers to purchase a portion of a home and pay rent on the remainder. These schemes provide different options depending on your circumstances.
At Beal Homes, we offer a range of buying schemes to help you secure your dream home. Here’s a breakdown of the key schemes available when you buy your dream Beal Home.
Own New
Own New is a mortgage scheme designed to help buyers secure lower interest rates on new-build homes, whether you’re a first-time buyer or an existing homeowner. This initiative connects you with an approved Independent Own New mortgage broker who arranges a competitive mortgage tailored to your needs, making monthly repayments more affordable. You’ll still own 100% of your home and can purchase with as little as a 5% deposit. The scheme is backed by trusted lenders like Halifax and Virgin Money. If you’re looking for a cost-effective way to finance your new home, this could be an excellent option.
Smooth Move
Selling your current home can often be the biggest obstacle to moving into a new one. With Smooth Move, we help take the stress out of selling by assisting with marketing your existing property and even covering estate agent fees. This allows you to focus on moving into your brand-new home without the typical headaches of the selling process. After we have completed a free trusted valuation of your old home, and we have found you a buyer, you can reserve your new Beal Home, and we will keep you up to date every step of the way.
Part Exchange
For homeowners looking to move up the property ladder without the uncertainty of selling on the open market, existing property at a fair market value, allowing you to move straight into your new-build home. PX is only for customers upsizing in value, as the Beal home you’re purchasing must be 30% more expensive than your current property. Part Exchange eliminates property chains and the risk of sales falling through as Beal Homes are your cash buyer, making the transition much smoother and quicker.
Deposit Unlock
Deposit Unlock is designed to help buyers get onto the property ladder with a lower deposit and is available on a wide range of new build homes to the value of £833,250. With this scheme, you can purchase a new-build home with just a 5% deposit, making homeownership more accessible. This is a great alternative for those who may struggle to save for a larger deposit but still want to take advantage of the benefits of a new-build home.
When you buy your home, the building developer contributes a percentage of the purchase price into an insurance policy for your mortgage provider. This policy reduces the lender’s risk by covering potential losses if you default, allowing them to offer more competitive rates. As a result, you can secure a lower interest rate than usual when borrowing 95% of your property’s value. Best of all, Deposit Unlock is available to all buyers, not just first-time buyers.
Launch Pad
Beal Homes’ Launch Pad scheme is tailored for first-time buyers who may need additional financial support to buy their first home. This scheme provides up to £5,000 to spend on upgrades and extras in our design lounge and up to £1,000 towards your legal fees. The Design Lounge is our award-winning, state-of-the-art hub where our experts help you personalise your new-build home. From bespoke kitchen designs to flooring and final touches, we work with you to bring your vision to life. Beal Launch Pad is exclusively for first-time buyers and applies to selected plots within the First Step and Aspire ranges. It cannot be used with other offers or schemes.
Key Worker Scheme
Recognising the importance of key workers, we offer a Key Worker scheme at Beal Homes to support those in essential roles, such as NHS staff, teachers, police officers, and firefighters. This scheme provides up to 5% towards your deposit on a new Beal home, worth up to £12,500. We’re proud to help key workers buy a new-build home as a thank-you for their valuable contributions to society.
Recommend a Friend
If you’ve already bought a home with Beal Homes and know someone else looking for a new build, our Recommend a Friend scheme allows you to refer them and receive a £250 reward on their new home. It’s a simple and beneficial way to share the advantages of buying with Beal Homes.
Early Bird
For buyers set on a particular plot, the Early Bird scheme lets you reserve your preferred home before it officially goes on sale, giving you a head start in securing your dream property. Simply provide some details and pay a refundable £150 registration fee. When the plot is released for sale, you’ll get first refusal and 48 hours to decide whether to proceed. If you do, your Early Bird reservation becomes a full reservation, requiring an additional £600 to meet the £750 standard reservation fee. View our new build developments now and find your perfect plot.
First Homes
The First Homes scheme is a government-backed initiative that provides discounts of at least 30% on new-build properties for eligible first-time buyers. This makes homeownership significantly more affordable, particularly for those struggling to enter the housing market. In the East Riding of Yorkshire, buyers must be over 18, have a gross household income below £70,000, and meet local connection criteria, such as living in the area for a set period, having close family ties, or working locally for at least a year. However, key workers will be prioritised. The discount applies in perpetuity, ensuring future buyers also benefit. An application must be completed at the time of reserving a Beal Home. Our First Homes scheme is currently available on our Ferriby Meadows development and our Kings Fold development. The government has pledged a further 10,000 properties will be added to the First Homes scheme every year.
Lifetime ISAs
A Lifetime ISA (LISA) is a government savings initiative that helps first-time buyers save for a home. You can contribute up to £4,000 per year, and the government adds a 25% bonus on top. That’s up to £1,000 for free. A lifetime ISA can be opened by anyone between the ages of 18-39 and can used until you’re 50. This scheme can be a fantastic way to build up a deposit for a new-build home while benefiting from free government contributions.
Find the Right Scheme for You
With so many schemes available, it’s essential to find the right one that fits your circumstances. Whether you need help with a deposit, a hassle-free sale of your existing home, or exclusive discounts, at Beal Homes, we offer a variety of Help for Buyers schemes to make your move easier.
If you’re considering buying a new-build home, explore these options and take advantage of the financial support available. It’s important to note that these schemes are only available on selected plots on selected developments and are subject to financial qualification. Contact us today to find out how these schemes can help you move into your dream home sooner than you think.