If you’re saving for your first home, you’ll be pleased to know there are government schemes designed to help you get on the property ladder faster. Here’s a quick guide to the most popular options.
Shared Ownership
This lets you buy a portion of a property (usually 25–75%) and pay rent on the rest. You can increase your share later, known as “staircasing.”
First Homes Schemes
This scheme offers new-build homes to first-time buyers at a discount of 30% (or more) compared to market value — a great option if you’re priced out of your local area.
Lifetime ISA (LISA)
If you’re aged 18–39, you can save up to £4,000 a year and the government adds a 25% bonus — that’s up to £1,000 extra each year towards your first home!
Mortgage Guarantee Scheme
Designed to help buyers with smaller deposits (as low as 5%), this scheme encourages lenders to offer more 95% mortgages.
How to Know What’s Right for You
Each scheme has its own criteria, and not all lenders support them. That’s where a broker (like me!) can help — I’ll match your circumstances to the best options and explain how each one works in plain English.