General Article Home ownership schemes

Topic Selected: Housing
This article is 9 years old. Click here to view the latest articles for this topic.

You may be able to get financial help through a Help to Buy home ownership scheme if you live in England and can’t afford to buy a home. (Wales and Scotland have different schemes.)
The four types of Help to Buy scheme are:

  • Help to Buy equity loans
  • shared ownership
  • NewBuy
  • Help to Buy mortgage guarantees – available from January 2014.

There are also schemes for council and housing association tenants. Read the guides on Right to Buy and Right to Acquire.

Help to Buy equity loans

Help to Buy equity loans are open to both first-time buyers and home movers on new-build homes worth up to £600,000.
You won’t be able to sub-let your home if you use this scheme.

How it works

With a Help to Buy equity loan:

  • you’ll need to contribute at least 5% of the property price as a deposit
  • the government will give you a loan for up to 20% of the price
  • you’ll need a mortgage of up to 75% to cover the rest

Example

For a property worth £200,000
Cash deposit     £10,000 (5%)
Equity loan  ...

Would you like to see the rest of this article and all the other benefits that Issues Online can provide with?

Sign up now for an immediate no obligation FREE TRIAL and view the entire collection