Government-backed schemes

The UK government offers a range of schemes to help people get on the property ladder, providing support to both first-time buyers and existing homeowners looking to move. One of the most well-known initiatives is the Help to Buy mortgage guarantee scheme, designed to make home ownership more accessible by allowing buyers to purchase a property with a deposit as low as 5% of the purchase price.

The Help to Buy scheme is available for new-build and existing properties across the UK with a purchase price of up to £600,000. It is open to first-time buyers and home movers alike. Under this scheme, the government provides a guarantee to your mortgage lender, reducing their risk and helping you secure a mortgage with more favourable terms.

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Government-Backed Mortgage Schemes

Eligibility for Help to Buy

To qualify for a mortgage under the Help to Buy guarantee, the property you wish to purchase must meet the following criteria:

  • Have a purchase price of £600,000 or less
  • Not be a shared ownership or shared equity property
  • Not be a second home
  • Not be rented out after purchase

There are no restrictions on income, and the property does not need to be newly built. However, you cannot combine Help to Buy with other publicly funded mortgage schemes or opt for an interest-only mortgage under this scheme.

Other Government Home Ownership Schemes

In addition to Help to Buy, there are other government-backed initiatives aimed at supporting affordable home ownership, including Shared Ownership, Lifetime ISAs, and regional affordable housing schemes. Each scheme has its own eligibility criteria and benefits, so it’s important to explore all options to find the right solution for your circumstances.

For a full overview of available government schemes, please visit the official government website: Affordable Home Ownership Schemes.

Our expert mortgage advisers can help you navigate these schemes, explain how they work, and identify which options could help you achieve your goal of buying a home. With professional guidance, you can take advantage of these schemes confidently and make informed decisions for your future.

Contains public sector information licensed under the Open Government Licence v2.0

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