The government has in place several schemes or options that first time buyers on incomes below £60,000 can take advantage of and get onto the property ladder.

This is due to the government wanting to boost the property market and the fact that in the current economical climate it is only getting harder for people to purchase houses.

Information on these schemes are available on this website, just follow the links below for a more in-depth look at each scheme.

London Help To Buy

London Help to Buy

The London Help to Buy scheme is a modified version of the Help to Buy scheme, which is, as the name suggests, targeted at those looking to buy property in and around the capital city.

London Help To Buy

Starter Home Initiative

Starter Home Initiative

The Starter Home Initiative was created with the aim of "unlocking home ownership for a generation", according to David Cameron at the time it was announced. It aims to make 100,000 new build homes available for first time buyers under the age of forty with a discount of at least 20% of the property value.

Starter Home Initiative

Help to Buy Equity Loan

Help to buy equity loan scheme

This is an equity loan that enables first time house buyers to only need a deposit of as low as 5% by taking out a loan from the government to pay off the rest of the would be deposit. The equity loan is interest and payment free for five years, giving users of this scheme a leg up. It can only be used to purchase new homes however, in order to supply business to building companies.

Help to Buy Equity Loan

Help to Buy 2 Mortgage Guarantee

Help to buy 2 mortgage guarantee

This evolved scheme focuses on the lenders rather than the borrowers. It promises 15% of the property value to the lenders in the event that the house has to be repossessed due to the borrower falling into loan arrears. In return, the lenders will offer up to a 95% mortgage, meaning a deposit of only 5% is needed by the house buyer.

Help to Buy 2 Mortgage Guarantee

NewBuy

NewBuy

Building firms and the government pay into an indemnity fund that can be used to reimburse lenders who lose money in the case that borrowers fall into loan arrears and the property is repossessed, but the lenders still suffer a loss. In return, the lenders offer deposits of as little as 5%.

NewBuy

Right to Buy

Right to Buy

Tenants of council or social housing can have a 'Right to Buy' the house they live in and get large discounts which accumulate the longer the tenants have lived in council housing.

Right to Buy

Shared Ownership

Shared ownership

The house buyer and the government or housing association purchase a property together (usually with the house buyer taking out a mortgage) and then the house buyer pays rent on the percentage of the house they do not own. By buying more shares, the home buyer can reduce the amount of rent they have to pay per month.

Shared ownership