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Help to Buy Mortgages

Help to Buy alternatives

Other schemes and options now that Help to Buy has closed, including shared ownership, First Homes, and 95% LTV mortgages.

2 min readWritten by Saniya Shabir

With Help to Buy now closed to new applicants, first-time buyers need to explore other routes onto the property ladder. This article covers the main alternatives and how they compare.

Shared ownership

Shared ownership lets you buy a share of a home, typically between 25% and 75%, and pay rent on the rest. It is available on new-build and resale properties and has income caps of £80,000 (£90,000 in London). Over time you can buy additional shares through staircasing.

Unlike Help to Buy, shared ownership is not limited to first-time buyers, though they receive priority. The monthly costs combine a mortgage payment and rent, which can be lower than buying outright but you need to factor in service charges and potential rent increases.

First Homes scheme

First Homes offers newly built homes to first-time buyers at a discount of at least 30% below market value. The discount is passed on when the property is sold in the future, ensuring it remains affordable for subsequent buyers.

Eligibility criteria include a household income cap of £80,000 (£90,000 in London) and a purchase price cap of £250,000 after the discount (£420,000 in London). Local councils may add further restrictions such as local connection requirements or key worker priority.

95% LTV mortgages

If you have a 5% deposit, many lenders now offer 95% LTV mortgages without the need for any government scheme. The Mortgage Guarantee Scheme has helped increase availability, and competition between lenders has brought rates down.

This is the most straightforward alternative to Help to Buy. You are not restricted to new-build properties, there are no income caps, and you own the property outright from day one. Learn more in our guide to 95% LTV mortgages. The trade-off is that interest rates at 95% LTV are higher than at lower LTV bands.

Written and reviewed by

Saniya Shabir

Role
Mortgage Adviser
Specialism
Rate Switching & Residential Mortgages
Regulator
FCA register
“Most help to buy cases come down to one thing: the right lender for your circumstances. We’ll find them — and walk you through every step.”
— Saniya Shabir
Get a quoteor call 020 3829 9515

More from Help to Buy Mortgages

Browse all guides

  1. A guide to Help to Buy mortgages

    How the Help to Buy equity loan scheme works, what it costs, and what options you have as an existing borrower.

  2. Repaying your Help to Buy equity loan

    When interest kicks in, how repayment works, and strategies for paying off the government loan.

Ready when you are

That's the help to buy guide. The next step is your situation, your numbers, your circumstances — and that's a conversation. Free, no obligation, take it from there.

Get a quoteor call 020 3829 9515