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Affordable home ownership schemes

Due to the challenging economic climate and stricter mortgage lending criteria, the government created Help to Buy schemes to assist people into home ownership.

However, the options for new applicants today are somewhat limited since the schemes have started to close.

Help to Buy 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).

Help to Buy Equity Loan

This was for those buying brand new homes in England, however the scheme is no longer available to new applicants. The government loaned up to 20% of the cost of your newly built home so you only needed a 5% cash deposit and a 75% mortgage to make up the rest. There were different rules for this scheme in Wales.

If you missed out on the ISA or equity loan you may still be able to take advantage of the shared ownership option.

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 answer your Help to Buy questions and help you secure your home. 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.

Get in touch

For further information on how George Square Financial Management can help you protect and build on your finances, please complete the enquiry form below.

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