Affordable home ownership
Guiding you through your home ownership options
Affordable home ownership schemes
Due to the challenging economic climate and stricter mortgage lending criteria, the government created various schemes to assist people into affordable home ownership.
However, the options for new applicants today are somewhat limited since the schemes have started to close.
Affordable home ownership options
Help to Buy ISA
Those that opened a Help to Buy ISA before 30 November 2019, can continue to save into it until November 2029, and for every £200 you save into the ISA, the government will boost it by £50 (up to a maximum of £3000).
Right to Buy scheme
Designed to finance the purchase of council homes, Right to Buy allows eligible tenants in England to purchase their homes at a considerable discount, depending on the type of property and how long you have been a tenant. Mortgages are available for up to 100% of the discounted purchase price.
To be eligible, you must be a secure tenant with a public sector landlord (e.g. a council, housing association or NHS Trust) for at least three years, and the property must be your only or main home and be self contained.
The scheme is no longer available in Wales and Scotland.
Shared Ownership
If you can’t afford the mortgage on 100% of a home, this scheme gives you the chance to buy a share of between 25% and 75% of the home’s value. You then pay rent on the remaining share.
Get in touch
Our talented team of mortgage advisers are here to advise you on your affordable home ownership options. Call 0115 947 5545 to arrange a free consultation.
Your home may be repossessed if you do not keep up repayments on your mortgage. Equity release may be arranged as a lifetime mortgage or a home reversion plan. To understand the features and risks ask for a personalised illustration.