![](https://media.product.which.co.uk/prod/images/original/20bddd101965-mortageswitchpanel2.jpg)
Ready to get a mortgage?
Find the right mortgage using the fee-free service provided by L&C Mortgages
Compare mortgagesBy clicking a retailer link you consent to third-party cookies that track your onward journey. If you make a purchase, Which? will receive an affiliate commission, which supports our mission to be the UK's consumer champion.
Buying your first home can be tough, but there are various schemes available to help you boost your savings and reduce the upfront costs of getting on the property ladder
With more than a dozen different schemes currently in operation, Which? has cut through the noise to explain each of them clearly and simply, including key eligibility rules and how to apply.
Find the right mortgage using the fee-free service provided by L&C Mortgages
Compare mortgagesLifetime Isas allow savers to deposit up to £4,000 a year and get a bonus of 25% from the government. The bonus can be redeemed when you buy your first home or withdraw money towards your retirement (after the age of 60). Withdrawals for other reasons are subject to penalties.
Help to Buy Isas are savings accounts that offer a 25% bonus from the government when you buy your first home.
They’re no longer open to new applicants, but if you already have an account you can continue to save up to £200 a month. The maximum bonus you can get when buying a home is £3,000 (on total savings of £12,000).
If you’re ready to buy a home, contact your provider for information on closing your account and claiming your bonus.
Shared ownership schemes allow you to buy a stake in a new-build property from a housing association and pay rent on the remainder.
In England, the minimum initial stake you can purchase is 10%, but many schemes require you to buy at least 25%. You’ll need to put down a deposit of at least 5% of the share you’re buying and take out a mortgage to cover the remaining 95% of the share.
Shared ownership schemes are popular with first-time buyers in more expensive areas such as London. However, the combined cost of the mortgage, rent and service charges can be very high.
Shared ownership schemes are available elsewhere in the UK, but rules differ. See the governments' guidance on shared ownership in Scotland, Wales and Northern Ireland.
This scheme allows first-time buyers in England to get a discount of at least 30% on market value when buying a new-build home.
Local authorities can decide who gets priority for the first three months that homes are on sale. For example, some may offer first pick to key workers or people already living locally.
The only nation still offering Help to Buy equity loans is Wales, where first-time buyers can get a 20% equity loan from the government when they buy a new-build property.
You must have a deposit of at least 5% of the purchase price, and be able to take out a mortgage for the remaining 75%.
The Help to Buy equity loan scheme is no longer available in England or Scotland.
If you have an existing equity loan, the government provides guidance on repayments (England and Scotland).
There are two LIFT schemes available for first-time buyers in Scotland.
First-time buyers purchase a share of a property (usually 60% to 90%), with the government holding the remaining amount. The buyer will be named as the sole owner, but the government keeps a ‘security’ on the property to protect its share.
Price thresholds are set based on the size of the property.
Find out more about the scheme, including how to apply, in the Scottish government's guide.
The NSSE scheme is similar to the OSME scheme, but is only available on new-build homes. To qualify, you’ll need to be able to show you can’t afford to buy a new-build home that suits your needs without help from the scheme.
Find out more in the Scottish government's guide.
This scheme, offered by some London councils, allows first-time buyers to get a discount of around 20% on a new-build property.
The buyer will officially own the property, and won’t need to pay rent on the council’s share. When the property is sold, the buyer will only get the proceeds from the share of the property they own.
Forces Help to Buy is designed for first-time buyers and personnel who need to move due to an assignment or extenuating circumstances.
Armed forces personnel can borrow up to 50% of their annual salary (up to £25,000) interest-free to put towards a house deposit and additional costs of buying a home.
Join us on our weekly audio show for the latest money news and personal finance hacks to help make you better off.
Listen nowThis scheme was introduced by the government after the pandemic to encourage lenders to offer 95% mortgages. To provide an incentive, the government partially compensates lenders who offer 95% loans if the borrower misses a mortgage payment.
Right to Buy allows council tenants to buy their home at a discount on its market value. The discount you’ll be offered depends on how long you’ve been a council tenant and the type of property you’re buying, as well as its value.
In England, the maximum discount is £102,400, or £136,400 in London.
The rules can be complicated, but the government provides several resources to help you find out more:
Northern Ireland offers its own version of Right to Buy, the House Sales Scheme, which allows eligible tenants of the Northern Ireland Housing Executive to buy their homes at a discount.
Rent to Buy helps tenants to save a house deposit by offering them a reduced monthly rent. Eligible properties usually offer a 20% discount on market rent, and tenancies last for two years.
This scheme offers Londoners the opportunity to rent a home at a discount on market rate, giving them time to save up a deposit to buy the property on a shared ownership basis.
Rent prices must be set at least 20% below market rate, and price caps are enforced by the Greater London Authority.
This scheme allows tenants in Wales to build up a deposit while they rent a home. Tenancies last up to five years.
After this time, you’ll be given a payment of 25% of the rent you’ve paid to use as a deposit towards purchasing the property. You’ll also benefit from 50% of any uplift in the property’s value during the time you’ve been renting it.
Rent to Own allows tenants to pay a fixed market rent for a three-year period, with the ability to buy their home any time after the first year. At the end of the tenancy, the tenant gets 20% of the rent they’ve paid to use towards a deposit to buy the property.
Home ownership schemes can be a great option for some buyers, but they’re not right for everyone. Before rushing in, it’s worth considering the following:
Find the best mortgage for you, with expert help provided by L&C Mortgages
Get advice now