HELP TO BUY
With Help to Buy you don't need a large deposit saved up. The Help to Buy scheme lets you get on the property ladder with as little as 5% deposit!
The new Help to Buy: Equity Loan Scheme was launched on 1st April 2021 and will run untill March 2023.
As with the previous scheme (which ran until March 2021), the government will lend homebuyers up to 20% of the cost of a newly built home, and up to 40% in London.
SHARED OWNERSHIP
If you are unable to afford the mortgage on 100% of a home then Shared Ownership offers you the chance to buy a share of your home (between 10% and 75% of the homes's value) and pay rent on the remaining share. Later on you have the option to buy bigger shares called 'staircasing' which through the new model Affordable Houses Programme 2021-26, shares will be reduced from 10% increments to 1% making it more affordable for you to increase your ownership.
THE MORTGAGE GUARANTEE SCHEME
The Mortgage Guarantee Scheme aims to increase the supply of 5% deposit mortgages for credit-worthy households by supporting lenders to offer these mortgages through a government backed guarantee on new 95% mortgages until 31st December 2022.
The Mortgage Guarantee Scheme has been set up to support households who cannot get a mortgage because of the reduced availabilty of 95% LTV products caused by the COVID-19 Pandemic.