First time buyer schemes

First time buyer schemes have been designed to make buying a house easier and more affordable. These help to buy schemes are intended to help first time buyers by reducing the burden of saving for that all important house deposit. However, it is important to note, that some of these help-to-buy schemes are not exclusively for first time buyers and can also help if you can’t find a house within your budget, or even if you can’t find a property that suits your needs.

Get an instant conveyancing quote for your purchase or find out more about the different first-time buyer schemes below:

Shared ownership

The shared ownership scheme allows you the chance to buy a percentage share of your home while paying rent on the rest. The amount you can buy can be between 25% and 75% of the house’s market value. Rent on the remaining amount is charged at a discounted rate (usually 2.75% of the property value per year).

Shared ownership is offered on newly built homes or existing properties available through housing association resale programmes. Buying is more affordable because you can start by buying as little as a 25% share in a property and your deposit can be 5% of the price of that share, rather than the whole property. This scheme could be a good option if owning 100% of a property is too much of a financial stretch.

Be aware that properties are usually leasehold, and you may have to pay a monthly service charge and contribute to maintenance fees for major works.

You can find out more information about how this help to buy scheme works, including the full eligibility criteria, in our Shared Ownership article. If you're ready to take the next step to home ownership, explore our shared ownership conveyancing services and see how we can help you throughout your transaction.

Lifetime ISAs

Offered by banks or building societies, Lifetime ISAs is a government-backed savings account designed to help you save for your first home or retirement, offering a 25% bonus on your contributions. You can contribute up to £200 a month and the total monthly bonus you can receive is £50. The total government bonus you can receive from a LISA is capped at £3,000.

As we step into September 2024, several providers offer compelling LISA options. For more information on how to take advantage of this scheme when buying your first home, read our Lifetime ISA article, where you will also find details on the eligibility criteria.

First Homes scheme

The First Homes scheme was introduced in 2021 and is aimed at local first-time buyers and keyworkers, such as NHS staff or teachers. It is for designed for those who want to buy a home in their nearby community. The scheme offers a discount of at least 30% off the market price of a new home, which will continue to be applied forever.

5% deposit mortgages

In July 2025 the government introduced a permanent Mortgage Guarantee Scheme to help increase the supply of 95% LTV (loan to value) mortgages, making 5% deposit mortgages more accessible again.

This means your mortgage will cover 95% of the property’s value while you only have to put a 5% down as the deposit (instead of the traditional 10-20% deposit), making it easier for first-time buyers to get onto the property ladder.

Find out more about mortgages and the types of mortgages available or read our article for handy tips on how to save for your deposit.

Deposit Unlock scheme

If you fancy a fresh and modern brand-new home, but only have a 5% deposit, the Deposit Unlock Scheme could be worth considering. Most mortgage lenders require a deposit of at least 15% for new build homes, due to the depreciation of new builds within the first few years. However, with this scheme, certain mortgage providers and housing developers will offer purchases of the new homes with just a 5% deposit.

Find more about the Deposit Unlock scheme here, which includes a list of the participating lenders and builders.

Right to Buy

If you’re currently a council or housing association tenant, then the Right to Buy scheme may benefit you. This scheme allows you to purchase your home at a discount. The discount you receive depends on several factors:

For more detailed information, be sure to read more about the Right to Buy scheme.

Rent to Buy

The Rent to Buy scheme is a government initiative designed to help aspiring homeowners transition from renting to buying their homes. If you've been struggling to save for a deposit while paying rent, this scheme might be for you.

It works by renting a newly built home at a discounted rate (around 20% lower than market value) allowing you to put that money saved towards a deposit over a period of five years. At the end of the rental period, you have the option to buy the property. By then, the goal is to have saved enough for a deposit, making it easier to secure a mortgage.

For more information on the eligibility criteria and how this first-time buyer scheme works, read our article on the Rent to Buy Scheme.

Help to Buy Equity Loan scheme

The Help to Buy Equity Loan scheme closed to new applications on 31 October 2022.

Although this Help to Buy Equity Loan scheme has been sunsetted, there are plenty of other government schemes mentioned above to help you buy your first, or next house.

If you bought your home through the Help to Buy Equity Loan, and are looking to remortgage, our article remortgaging your Help to Buy explains the process in full.

Help to Build scheme

The Help to Build Equity Loan scheme closed to new applications on 31 March 2025.

If you’re interested in building your own home, you may still be able to do so using a specialist self-build mortgage, where funds are released in stages as the build progresses. These mortgages work differently from standard home loans, so it’s important to get the right advice before you start.

Cost of help to buy schemes

When using a help to buy scheme to help you purchase a house, there may be additional costs to factor in. Although not always the case, if there are extra fees, it is usually to do with the additional administration tasks that come with help to buy schemes.

If you're using a help to buy scheme, speak to one of our Move Specialists who can help advise on any additional conveyancing costs. For more general information on the cost of conveyancing, read our guide to conveyancing fees.

Get a personalised quote

Use our online calculator to get a personalised quote for your help to buy purchase today.

Get a quote