Help to Buy & Shared Ownership Schemes
Current government schemes to help first-time buyers get on the property ladder — what is available and who qualifies.
Current schemes overview
The original Help to Buy equity loan scheme closed to new applications in October 2022 and completed all purchases by March 2023. However, several government-backed schemes remain available to help first-time buyers get on the property ladder. The landscape changes regularly, so always verify current availability.
Shared Ownership
Buy a share of a property (25–75%) and pay rent on the rest. Available through housing associations for households earning under £80,000 (£90,000 in London). You need a smaller deposit (typically 5–10% of your share, not the full property value). You can buy more shares over time ("staircasing") until you own the property outright. Reforms in 2024 made staircasing cheaper and introduced a 10-year repair guarantee.
Lifetime ISA (LISA)
Save up to £4,000 per year and the government adds a 25% bonus (up to £1,000/year). Available to 18–39 year olds. Can be used to buy a first home worth up to £450,000 or saved for retirement. If you withdraw for any other purpose, you lose the bonus plus a 6.25% penalty. You need to have had the account for at least 12 months before using it to buy.
First Homes
A scheme offering new-build homes to local first-time buyers at a discount of at least 30% (up to 50% in some areas) compared to market value. The discount is passed on to future buyers, keeping the homes affordable in perpetuity. Household income must be under £80,000 (£90,000 in London). The discounted price must be no more than £250,000 (£420,000 in London).
Mortgage Guarantee Scheme
The government guarantees part of the mortgage, encouraging lenders to offer 95% LTV mortgages with competitive rates. You still need a 5% deposit and must meet the lender's affordability criteria. This is not a subsidy — you borrow and repay the full amount. The scheme has been extended to June 2025; check for further extensions.
Right to Buy
Council tenants in England may be able to buy their home at a discount after 3 years of tenancy. Discounts can be up to £102,400 (£136,400 in London boroughs) for houses, and more for flats. You must have been a public sector tenant for at least 3 years. Housing association tenants may have a similar "Right to Acquire" with smaller discounts.