First Time Buyer Schemes

What are first time buyer schemes?

First time buyer schemes offer unique incentives to help first time buyers get on the property ladder.

Each scheme does something a bit different: one might boost your deposit while another could let you buy at a discounted price. Some may be limited to new build properties only.

Is Help to Buy still available?

The Help to Buy scheme has ended in England and Scotland, but the Help to Buy loan is still available in Wales.

Help to Buy used to exist in two forms: an equity loan, or a Help to Buy ISA. No new Help to Buy ISAs could be opened after November 2019, with the equity loan system stopping in 2023.

However, if you opened a Help to Buy ISA before the deadline, you can continue to pay up to £200 a month into it until November 2029. The most you can save is £12,000. You need to buy your first home before November 2030 to benefit from the 25% bonus.

The home you buy using your Help to Buy ISA must:

• have a purchase price of up to £250,000 (or up to £450,000 in London)
• be the only home you own
• be where you intend to live

What is the best scheme for first time buyers?

The best one is the one that works for you! What suits one person might not suit another. Make sure you fit the eligibility criteria, and you know the important information about your chosen scheme. For example, if you are buying at a discount, do you need to sell at a discount in the future?

What first time buyer schemes are available?

£5k Deposit Mortgage

The £5k Deposit Mortgage lets eligible first time buyers buy houses with just a £5,000 deposit!

Deposit Unlock

Deposit Unlock is a scheme that lets you buy a new build home with just a 5% deposit. It isn’t exclusively reserved for first time buyers.

First Homes

The First Homes scheme offers local first time buyers a discount of 30-50% off the market price of a new build home.

Forces Help to Buy

Forces Help to Buy lets Armed Forces personnel borrow up to 50% of their salary, up to a maximum of £25,000. This money can be put towards a deposit and associated fees, such as solicitor costs.

Joint Borrower Sole Proprietor

Joint Borrower Sole Proprietor is the new guarantor mortgage. Family or friends can help you get on the property ladder by joining you on the mortgage, but not going on the title deeds to the house.

Lifetime ISA

A Lifetime ISA gives your deposit a 25% bonus on savings of up to £4,000 a year! This helps you get a bigger deposit, quicker.

Low Cost Housing

Low Cost Housing offers property for sale at a discounted price to local people who couldn’t afford to buy otherwise.

Own New

Own New’s Rate Reducer can give you access to lower mortgage rates when buying a new build property, making your payments cheaper for the initial fixed rate period.

Right to Buy

Right to Buy lets council tenants buy their homes at a reduced price, usually once they have been a council tenant for at least three years.

Shared Ownership

Shared Ownership is where you buy part of a home and pay rent on the part you don’t own. You can usually buy a bigger part in future when you can afford it.

Track Record

Track Record is a mortgage aimed at renters, because it doesn’t need a deposit. It is based on your track record of paying rent and bills.

How can The Mortgage Store Chorley help with first time buyer schemes?

We’re first time buyer specialists! We know all about the various schemes that are available, and we’re happy to talk through them with you.

We understand that navigating the world of mortgages can be overwhelming, especially for first time buyers. That’s why we’re here to make it easy for you.

We’ll walk you through every step of the process, from finding the right mortgage deal to securing your dream home. We offer personalised advice tailored to your needs and financial situation, ensuring you get the best possible outcome.

With The Mortgage Store Chorley by your side, you can take the stress out of buying your first home and turn your dreams into reality.