Help to Buy, introduced as a successor to the First Buy Scheme, aimed to assist first-time buyers in getting onto the property ladder.
While the popular Help to Buy Equity Loan Scheme is closed to new applicants, there are still various alternative schemes available to support home buyers.
Buying a home, whether you’re a first time buyer or moving home, can be an intimidating experience. Obstacles such as high property prices, limited income, and larger deposit requirements can come up.
Mortgage schemes exist to make home ownership more attainable and alleviate these issues. Various schemes cater to different situations, including first time buyers and those moving home.
It’s important to understand the specific criteria and eligibility requirements of each scheme before applying for a mortgage. Speaking with a local Help to Buy agent or a mortgage advisor can help you better understand this.Get Started
Among the popular schemes for home buyers are the Shared Ownership Scheme, available to both first time buyers and home movers, and the Right to Buy & Right to Acquire Schemes, helping local authority tenants in purchasing their homes.
While you may be familiar with these schemes, there are others you may not be aware of, such as the Lifetime ISA, first homes scheme, and Forces Help to Buy, among others.
Each scheme has its own set of eligibility requirements and criteria for application.
Please remember that meeting the requirements doesn’t necessarily mean the scheme is the right fit for your situation. This is where a dedicated mortgage advisor can provide valuable help.
Their role is to assess your case and explore all available options. Sometimes, the route you initially considered may not be the most suitable overall.
By booking a free mortgage appointment with a mortgage broker, you can discover all the potential schemes or alternatives that can help you as a first time buyer or home mover.Apply Now
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Introduced in the 1980s, the Shared Ownership Scheme has been instrumental in helping both first time buyers and home movers in their pursuit of homeownership.
Also known as “part buy, part rent,” Shared Ownership enables you to purchase a portion of the property, typically ranging from 25% to 75% (though it can be lower depending on the mortgage lender), while paying rent on the remaining share.
This arrangement offers flexibility and stability, making homeownership more affordable. It also provides the opportunity to “staircase” in the future by purchasing additional shares in the property until full ownership is achieved.
It’s important to note that Shared Ownership is only available for specific purpose-built properties.
Renting a home is a common choice for many people, initially seen as a more affordable option. Saving for a deposit while managing rental costs and other expenses can be challenging.
If you find yourself renting a home and wish to purchase the property you currently live in, there may be good news for you. You could be eligible for the Right to Buy or Right to Acquire schemes.
The Right to Buy scheme is available to tenants of local councils, while the Right to Acquire scheme applies to housing association tenants. To qualify, you generally need to have been a public sector tenant for at least three years.
Eligible applicants may benefit from a discounted purchase price based on the length of their tenancy. Some mortgage lenders may even consider this discount as sufficient for the deposit requirement.
In some cases, it’s still advisable to save for a deposit, as some lenders may still require it, and it can help you access better interest rates.
If you’re a first time buyer interested in the Right to Buy scheme, reach out to your local authority, which owns the property, to check your eligibility and explore this option.
It is still possible for home buyers to secure a mortgage with a 5% deposit, provided they are creditworthy and meet the criteria set by mortgage lenders.
While there have been periods when mortgage lenders were cautious about offering high loan-to-value mortgages, various schemes were introduced to encourage them to provide 95% mortgages with additional safeguards.
In most cases today, many mortgage lenders are open to accepting applicants with a 5% deposit. That said, both the mortgage lender and the borrower may benefit more if the deposit is slightly higher.
It’s important to note that if you have a lower income or a poor credit history, you might be required to make a larger deposit of around 15-20% to increase your chances of mortgage approval.
Saving for a deposit, especially above the 5% threshold, can be a challenge for prospective home buyers. This is why schemes were introduced to encourage 95% mortgages, aiming to reduce the minimum deposit requirement.
A mortgage advisor can assess your financial situation and help you find a suitable lender even with a smaller deposit. They will provide transparent guidance and inform you if a scheme would be advantageous for your circumstances.
The Help to Buy Equity Loan scheme was primarily focused on new build properties. With the scheme ending, however, most other schemes are not limited just to new builds.
For those specifically interested in purchasing new build properties, there are still schemes available that cater to these circumstances.
One such scheme is designed to help first time buyers, offering the potential for a discounted purchase price, subject to eligibility.
It’s important to note that if you decide to sell the property in the future, you would be required to discount the sale price as well.
This approach aims to promote a chain of affordable home buying for future generations. It’s important to understand that not every scheme will be suitable for everyone.
Your trusted mortgage broker will assess your individual situation and recommend the most suitable options for you.
It’s important to emphasise that both mortgage lenders and mortgage brokers are legally prohibited from discriminating against individuals with disabilities when it comes to mortgage applications.
They cannot refuse to help based on disability.
The evaluation process primarily focuses on financial factors when applying for a mortgage. The encouraging news is that some mortgage lenders are willing to consider applicants who receive disability benefits, although the application process may take longer.
For individuals with long-term disabilities, the likelihood of mortgage approval is higher because consistent benefits are typically received over an extended period.
On the other hand, applicants with shorter-term disabilities may face challenges, as there may be uncertainty regarding the temporary nature of the benefits.
Fortunately, there are schemes available to help disabled individuals in obtaining a mortgage, such as a variation of the Shared Ownership Scheme that applies to purpose-built properties.
It is key to note that there are still eligibility requirements for these schemes. Disabled applicants can be reassured that there are various mortgage options available, irrespective of their personal circumstances.
You may be familiar with the term Lifetime ISA, often referred to as LISA. A LISA is an individual savings account designed to help individuals in saving for long-term goals, particularly their first home.
The key advantage of a Lifetime ISA is that the government offers a 25% contribution bonus on your savings, up to a specified annual limit, with a maximum limit on your own contributions as well.
For example, if you save £2,000 in a year, the government would add an additional £500 to your savings account!
Certain eligibility requirements apply, such as the age bracket of 18-39 for setting up a LISA. Additionally, the funds in the account can only be used for purchasing a home or for retirement (with restrictions on withdrawal until a certain age).
Overall, a Lifetime ISA can be an excellent way for individuals to gradually build up their savings for future homeownership.
Securing a mortgage can pose challenges, especially for home buyers with a low income. Mortgage lenders typically assess an applicant’s income and financial stability to determine their loan repayment capability.
A low income can result in a restricted borrowing capacity and may be perceived as higher risk by lenders. Meeting the affordability criteria set by mortgage lenders can be more difficult for low-income home buyers.
Moreover, a lower income can impact the ability to save for a deposit, making it challenging to meet the lender’s deposit requirements.
There are government schemes in place to help low-income home buyers in accessing affordable housing options.
These schemes specifically target individuals with lower income levels, offering the opportunity to purchase a property at a reduced or discounted cost, thereby making homeownership more feasible and cost-effective.
Each scheme has its own eligibility criteria, and not all will be applicable in every situation. Consulting with a mortgage advisor can be beneficial when seeking help for purchasing a home.
Forces Help to Buy is a government initiative specifically designed to help members of the armed forces in purchasing a home.
This scheme offers eligible personnel an interest-free loan, enabling them to borrow up to 50% of their salary, with a maximum cap of £25,000.
The loan can be utilised towards the deposit and associated costs of buying a property.
Its primary objective is to address the unique challenges faced by military personnel, who often encounter difficulties accessing traditional mortgage products due to frequent relocations.
Forces Help to Buy provides servicemen and women with the opportunity to step onto the property ladder and establish a stable home for themselves and their families.
By providing financial support and favourable loan terms, the scheme aims to make homeownership more attainable and affordable for individuals serving in the armed forces.
With over two decades of experience as a reputable mortgage broker, we have established ourselves as a trusted source of transparent and reliable mortgage advice for countless first time buyers. You can rely on our expertise to navigate the process with confidence.
We prioritise our customers’ convenience by offering the option to book a free mortgage appointment online, allowing you to speak with a knowledgeable mortgage advisor.
Our flexible scheduling includes evening and weekend slots, ensuring we can accommodate your needs.
At UK Moneyman, exceptional customer service is ingrained in our team’s ethos. Our authentic customer reviews are a testament to our commitment.
We are dedicated to providing candid and unbiased mortgage advice, going the extra mile to secure the most suitable mortgage for your unique circumstances.
In the rare instance that we are unable to secure a mortgage for you at the initial stage, we will always provide guidance on the best course of action to enhance your prospects in the future.
As a mortgage broker, our team of dedicated mortgage advisors has extensive connections with a diverse panel of lenders, giving us access to thousands of mortgage deals.
This allows us to thoroughly explore the options available and find the perfect mortgage product that suits your needs.
Unlike banks that can only offer their own limited range of products, our access to a wide range of mortgage lenders ensures we can present you with a broader selection of choices.
Furthermore, our panel includes lenders who specialise in specific mortgage products, each with their own unique criteria, increasing the likelihood of finding a solution tailored to your circumstances.
Many customers who have faced mortgage rejections from their banks due to strict lending criteria have found our help to be invaluable in these situations.
We have the expertise and network to navigate complex situations and explore alternative options that may have been overlooked.
We take pride in our ability to offer same-day appointments with our mortgage advisors, significantly reducing the waiting time compared to appointments with traditional banks or building societies.
This means you can get the guidance you need promptly and efficiently.
We work around your lifestyle and work schedule, allowing you to connect with an advisor at a time that is convenient to you.
We're only paid on results, not with any up front costs!
You will have a familiar face all throughout your process.
We'll be here to answer all of your questions about the various help to buy schemes, helping you to decide which one is right for you.
We'll be able to suggest the most appropriate insurance products to ensure you are able to stay in your home, should you become seriously ill or unable to work.
Your mortgage advisor will analyse your circumstances and search through 1000s of mortgage deals, to find the most suitable one for you.
We fully understand the workings of the various help to buy schemes, and will use our knowledge to best help you on your journey.
We'll be by your side all throughout, providing guidance and support whenever we're needed. We can also help to suggest property surveys and recommend conveyancing solicitors.