First-Time Buyers Guide at Sherbourne
At Spitfire Homes, we’re committed to helping first-time buyers take their first step onto the property ladder. To support this, a selection of homes at Sherbourne are available exclusively to first-time buyers through the Discounted Market Value (DMV) scheme, making home ownership more affordable.
A Discounted Market Value home allows eligible first-time buyers to purchase one of a select number of homes at Sherbourne, at just 80% of its open market value. This helps to reduce the upfront and ongoing costs of buying your first home, without limiting the amount you own.
Because the discount is applied from the outset:
- You own 100% of the home outright from day one
- Your deposit and mortgage calculations are based on the discounted price, not the open market price
To qualify for a DMV home, you must:
- Be a first-time buyer
- Be 18 years or older
- Take out a mortgage for at least 50% of the property market value
Frequently Asked Questions
No, this scheme is not Shared Ownership. With DMV properties, you own 100% of the home. It is just that the purchase price is 80% of the open market value.
You can use an online affordability or mortgage calculator as a helpful guide to understand how much you may be able to borrow, and what your monthly repayments could look like.
We also offer access to New Homes Mortgage Services (NHMS), a free, independent financial advisor who are always on hand to discuss affordability and support you through the buying process. To speak to NHMS, please call 01543629100.
When you decide to sell your DMV home in the future, the buying criteria remains and you will need to sell to another eligible first-time buyer at 80% of the open market value. This ensures the scheme continues to help others onto the property ladder in the same way.
If saving for a deposit is something you’re struggling with, it’s always worth having a conversation with us. We’ll do our best to explore how we may be able to help.
DMVs Currently Available at Sherbourne
ALSTON
Nos. 7 & 8
Two-bedroom, semi-detached
LITTONDALE
Nos. 208 – 212
Three-bedroom, semi-detached/ terrace
Interested?
No question is a silly question – our Sales Consultants are happy to help with any concerns you may have as a first-time buyer. Whether you’d like to understand more about the DMV scheme, check your eligibility or explore your options, please submit an enquiry below and you’ll be contacted by Laura or Leanne, Sherbourne Sales Consultants.