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Discount Market Value
Discount Market Value…What is it?
Discount Market Value is a shared equity scheme operated by Bloor Homes on selected homes for sale. The equity share purchased by a potential buyer will be a percentage of the full selling price of a selected home – typically 70%, though the exact percentage may differ depending on the site.
This reduced sum is an initiative aimed at making home ownership more affordable to eligible purchasers seeking to get on the property ladder.
Our Sales Team are here to help you and provide all the assistance you need to guide you through the application process. Please contact our sales advisor at your preferred development for more information.
How can I buy a Discount Market Value home?
- Verify your eligibility - First, verify your eligibility with our Sales Team and review our available properties. Discount Market Value homes will be advertised in our Sales Centre and on eligible development pages.
- Complete an application - Once you have chosen your preferred home, you then need to complete an application and provide all the supporting documentation to proceed.
- Reserve you new home - Once your eligibility is approved, you can reserve your new home and begin the purchasing process.
- Bloor Homes support - We'll assist you every step of the way. Bloor Homes can provide support with the financial assessments and any required paperwork, ensuring a smoother route to owning your new home.
How does the Discount Market Value Scheme Work?
The scheme is designed to make home ownership easier. It enables eligible applicants to buy a new home at a discount from the full market value, making it cheaper to realise the dream of owning your own home.
Your mortgage and your deposit will both be smaller, as you only need to buy 70% (exact figure may differ) of your home, but you are still buying it – and you still get all the benefits and quality that come with a newly built Bloor home.
AM I ELIGIBLE TO BUY A DISCOUNT MARKET VALUE HOME?
This scheme is designed to offer assistance to those who need it to buy a home, so some criteria are applied to determine eligibility. They include:
- You must be legally allowed to own a property in the UK.
- You must be a first-time buyer or you must not currently own a home.
- Your income, either jointly or individually, must be less than £80,000 per year (this amount may differ depending on the site).
- Often, you must have a local connection to the location of the new home, through your current living requirements, work, close family or historic ties to the area (this can vary on location; check each individual development).
- Your eligibility must be formally approved by the Local Authority.
- You cannot purchase the property as a second home.
- You must have no financial interests in any other residential property.
FAQs
Frequently asked questions
We make it as simple as possible to buy your ideal new home using Discount Market Value. Explore more details with the answers to the questions we're most used to hearing from prospective new homeowners.
Any Discount Market Value plot will be clearly indicated on our website and in the Sales Centre. If you are unsure, please speak to your Sales Advisor for more information.
Yes, you will own the home with the discounted price deducted from the full market value. The discount will always remain with the property, even if you decide to sell in the future.
Yes, a deposit will be required as normal. The deposit amount may differ, depending on your chosen mortgage lender.
You will still be able to sell your home. However, the home must be sold with the same discount percentage applied when you purchased it, to ensure it continues to assist other eligible purchasers to buy a home. For that reason, any potential buyer(s) will need to meet the same eligibility criteria as you did. As when you bought the property, the local authority will need to approve the eligibility of your purchaser before progressing any sale.
If you aren't eligible for the scheme, you may still have options. We have a selection of offers and schemes to help you buy your new home. Look at our Assisted Move, Part Exchange and Deposit Boost offers and schemes.
Customer Stories
Happy homeowners
- Adele and Tom
First Time Buyers
"I'd definitely recommend Bloor, I've literally shouted about it to everyone."
Adele and Tom - First Time Buyers
Adele and Tom talk about securing their ideal, spacious Bloor home and the service they received.
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