The First Time Buyers Scheme is an opportunity for Hillingdon residents to become homeowners.
Following a high level of applications, the process for the First Time Buyers Scheme has now closed for 2019.
We are offering the scheme exclusively to first-time buyers who have lived in Hillingdon for the last 10 years and have funds to pay a minimum 7.5% deposit. The council tops up your deposit with a grant to assist applicants purchasing a home suitable for their needs, in an area of their choice within Hillingdon. Funding is limited and applications are processed on a first come first served basis.
The scheme caps the house purchase price at £300,000, with a maximum grant payable to you of £22,500.
You should not over-stretch yourself by borrowing too much money. As a guide your mortgage should be no more than 3.5 times your annual income minus outgoings for other debts you may have.
Do I qualify?
You qualify for the First Time Buyers Scheme if you:
have lived in the borough for 10 years
have funds to pay a minimum 7.5% deposit of the purchase price of the property from own savings
are working, but cannot access the housing market
must not be a priority for existing government Low Cost Home Ownership (LCHO) schemes, for example, council or social housing tenants; keyworkers, however, are eligible
must not have a joint annual household income that exceeds £70,000
What other conditions apply?
If you sell your property within three years you will have to pay back the grant. A charge will be placed for this amount on your property for three years
The home you buy must be your principal residence and cannot be sublet