Affordable Home Ownership Schemes

If you meet certain criteria, you may be able to get financial help from the government to buy a home. Our mortgage brokers can work with you to find the most suitable solution for your circumstances.

There are several schemes available

• First Homes Scheme – If you’re a first-time buyer in England, you could get a home for less than its market value
• Help to Buy – If you’re a first-time buyer in Wales, you could get a loan to help with the cost of a new-build home
• Shared Ownership Scheme – You may also be able to purchase a home in the UK through shared ownership
• Help to Build Equity Loan – In England, Scotland and Wales, loans are available to help with the cost of building a home
• Right to Buy – If you’re a council tenant, you may be able to buy your council home at a discount
• Right to Acquire – If you’re a housing association tenant, you may be able to buy your rented housing association home at a discount

First Homes Scheme

If you’re a first-time buyer in England, you may be able to buy a home for 30% to 50% less than its market value if the home is your only or main residence.

The home can be a new home built by a developer or a home you buy through an estate agent, which someone else bought before through the scheme.

Help to Buy

If you’re a first-time buyer in Wales, you may be able to get a shared equity loan to buy a new-build home. You must have a 5% deposit. The scheme provides a shared equity loan of up to 20% of the purchase price and you must take out a repayment mortgage to cover the remaining amount.

Shared Ownership Scheme

The shared ownership scheme enables you to buy a proportion of your home (usually between 10 and 75%) with a mortgage and the remainder you rent from a landlord for the share they own. This is useful if you cannot afford all of the deposit and mortgage payments for a home that meets your needs. There are different in different parts of the UK.

If you already rent your home, it is possible to buy a share through the Right to Shared Ownership scheme. This is usually between 25% and 75%. You can take out a mortgage to buy your share or pay for it with savings. You’ll also need to pay a deposit, usually between 5% and 10% of the share you’re buying.

Help to Build Equity Loan

If you’re building a home or hiring someone to build one for you, you may be able to get a government-backed loan to cover part of the cost. There are different rules in England, Scotland and Wales, but there is no government-backed loan to build your own home available in Northern Ireland. Apply for a Help to Build Equity Loan.

Right to Buy

This scheme enables most council tenants to buy their council home at a discount. You can only apply if your council home is your only or main home, it’s self-contained, you’re a secure tenant and you’ve had a public sector landlord for 3 years. There are different rules for Scotland, Wales and Northern Ireland.

Right to Acquire

This scheme enables you to buy your rented housing association home at a discount. Both you and your landlord must meet the eligibility criteria to apply. The home you want to buy must be a self-contained property and your only or main home and your landlord must be registered with the Regulator of Social Housing.