Help Buying A Home
- Expert, personalised guidance at every stage
- Advice available seven days a week
- Here to help with any questions you have
Get in Touch
Buying a home can be difficult. Whether you’re struggling getting the deposit or with borrowing enough, help is at hand.
Can the Government help me buy a house?
There are some Government schemes available to help you buy a house. These include affordable homes schemes like Low Cost Housing, Right to Buy, and Shared Ownership.
Is Help to Buy still available?
Help to Buy is only available in Wales.
The Help to Buy equity loan scheme, which was used with new build properties, ended in England in 2023.
Help to Buy also had ISAs. You can’t open one now, but if you got one before the deadline, you can still pay into it until November 2029. The most you can pay in is £200 each month, up to a maximum of £12,000 in total. You then get an extra 25% from the Government if you buy your first home before November 2030.
The home you buy 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 has replaced Help to Buy? What home buying schemes are available now?
£5k Deposit Mortgage
Deposit Unlock
Deposit Unlock is a scheme that lets you buy a new build home with just a 5% deposit.
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. This is reserved for first time buyers.
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.
Why The Mortgage Store Chorley?
Exclusive rates you won’t get directly from lenders
A dedicated point of contact from initial enquiry right through to completion and beyond
Appointments seven days a week, to best suit your schedule
Ongoing rate monitoring until completion as standard
Unsure if you can get a mortgage?
Contact us now for a no-obligation chat.
Help buying a home with low income
Having low income can make it tough for lenders to agree to give you a mortgage because they might doubt that you can afford the repayments alongside other bills and living costs.
Income can come in many different forms. It doesn’t just have to mean money you earn from working. Some lenders can accept things like child benefit, tax credits, Universal Credit, and maintenance payments alongside your salary or self-employed earnings. Mention everything to a mortgage broker and they will look for lenders that will use as much of it as possible, if it is needed.
If that doesn’t get you enough, you could consider a guarantor or Joint Borrower Sole Proprietor mortgage. A family member or friend would go on the mortgage with you, which could help you borrow more.
Help buying a home with low deposit
It can be possible to buy a home with no deposit. You typically need a very good credit score and help from family members, although they don’t necessarily need to have money in the bank to assist you.
Having a small deposit, however, even if it’s just 5%, can make a big difference and could give you more options, such as Deposit Unlock. ‘Normal’ mortgages are also available with a 5% deposit.
Consider a Lifetime ISA to boost your deposit if you’re a first time buyer and don’t intend to buy in the next twelve months. Armed Forces personnel may want to look into Forces Help to Buy, too.
If you’re a key worker or have a strong local connection, you could look at First Homes or Low Cost Housing.
Other options include Shared Ownership and Right to Buy.
Chat with our expert advisor
Help buying a home with low credit score
Having a low credit score can stop you getting a mortgage. Most lenders use credit score as part of the application process. Usually they aren’t too interested in the score by itself; it’s what is causing that score that is more important.
Check your credit report to see what is showing on there. Make sure you are on the electoral roll, as this helps to verify your address history.
Little credit history
If your credit score is low because you haven’t had much, if any, credit, lenders could decline you or insist on a bigger deposit because they have no evidence that you are good at managing your money. Getting a small credit card and paying it off in full every month can boost your credit score, though it may take a few months. Only do this if you are confident you could limit your spending and could pay back what you have borrowed each month.
Bad credit history
If your score is low because you have bad credit, you might need a specialist lender. Having a bigger deposit might also help. Some of the schemes mentioned above are available with specialist lenders. These include Right to Buy and Shared Ownership.
Speaking to a mortgage advisor may also help you. If you can’t get a mortgage right now, they should be able to tell you what you need to do to put you in the best possible position, and how long you’re likely to need to wait before you can apply.
How can The Mortgage Store Chorley help me?
We’re more than happy to chat to anybody thinking of buying a home, even if you aren’t ready to go for it just yet.
We’ll run through everything with you and give you some tips on what to do to get mortgage-ready, and we’re always available if you need to run anything by us.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
