Hi just looking for some advice really. Has anyone signed upto this scheme and what your thoughts are. My husband and I are looking for a 4 bedroom house for us and our 3 DC. Reading into it it seems like you can get a £500k house with a £250k mortgage. If you sell it you must sell it to another first time buyer and also give the same discount selling it. So that they can benefit from the scheme too. If you sell it on the open market you have to give the same amount of discount back to the council.
Example
You buy a First Homes property worth £250,000 for £175,000 after getting a 30% discount.
You later sell it on the open market for £300,000.
You must return to the council 30% of the money you sold the home for, which is £90,000
Im finding it hard to see the benefits really.
This would be our forever home but worry that the kids wouldn't be left with much after we leave it to them in the will.