Buying schemes

In recent years, the government has backed a number of schemes to support aspiring homebuyers.

Help to buy

Whether you’re buying your first home or a homeowner looking to move, Help to Buy schemes assist people in taking their first steps towards buying a home to call their own.

Equity loans

Equity Loans (England) are available to first-time buyers as well as homeowners looking to move. The home you want to buy must be a new build and regional price caps apply. Government will lend you up to 20% of the cost of your home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.

London

Help to buy is available to first-time buyers as well as homeowners looking to move in the capital. The home you want to buy must be a new build with a price tag of up to £600,000 in any London borough. The Government will lend you up to 40% of the cost of your home, so you’ll only need a 5% cash deposit and a 55% mortgage to make up the rest.

Shared ownership

Shared Ownership is available to first-time buyers, people who used to own a home but can’t afford to buy one and existing shared owners looking to move. The scheme allows you to buy a share of between 25% and 75% of the property’s value and you then pay rent on the remaining part. You can buy a bigger share if and when you can afford to.

95% mortgage guarantee schemes

To help 1st time buyers get on the property ladder the government has done a deal to encourage lenders to lend up to 95% of the value of the home. There shouldn’t be much difference between this and a standard loan from the borrower’s perspective.