How does the first key scheme work?
With First Key, you can buy a share of your brand-new home and pay a straightforward monthly rent on the rest. You can start by purchasing a share of a home that is affordable for you, typically between 25% and 75%. The remaining share is leased to you through our trusted partners at River Mease. By owning part of the property your deposit and mortgage payments will be significantly lower.
As your situation changes, First Key offers you the opportunity to increase your ownership over time by purchasing additional shares, a process known as staircasing. This flexibility means you can grow into full ownership at a pace that suits you, while enjoying the security and pride of living in your own home from day one.
How do I qualify for the first key scheme?
To buy a new Bloor home through the First Key Scheme, you’ll need to meet the following criteria:
- Your household income does not exceed £80,000 per annum.
- You have a deposit (at least 5% of the initial share you are purchasing)
- You have passed a financial assessment, demonstrating you are financially able to purchase the minimum share value and support the monthly costs.
- You meet the relevant requirements in regards to your credit history.
- The property will be your principal and only home at the time of purchase.
Is the scheme available on all new Bloor Homes?
Will I only own part of the home?
Buying your new-build home through the First Key Scheme means you’ll have full ownership and responsibility for your property.
While Shared Ownership is a great way to make owning a home more accessible, it works a little differently from buying outright. Our friendly Sales Advisors are here to talk you through how it all works and help you decide if it’s the right fit for you.