Help to Buy and First Homes

Help to Buy is the Government’s affordable homeownership programme that offers a range of products to help people buy their first home or move into a new home. The initiative has a range of schemes including:

·        Equity loan – borrowing between 5-20% to help purchase a new build up to the value of £349,000

·        Forces Help to Buy – eligible service personnel can borrow up to 50% of their salary up to £25,000 to purchase a home

·        Shared ownership – purchase between 10-75% of a home’s value and pay rent on the remaining percentage.

·        Home Ownership for People with Long-Term Disabilities (HOLD) - purchase between 10-75% of a home’s value and pay rent on the remaining percentage.

·        Older People’s Shared Ownership (OPSO) – an initiative for persons aged 55 and over to purchase between 10-75% of a home’s value and pay rent on the remaining percentage. Rent is not charged for homeowners who own 75% of the property.

First Homes – an initiative for first time buyers.  The scheme offers a purchase discount of at least 30% against the market value on selected new builds where the initial sale of the home is not greater than £250,000 after the discount has been applied.

More information on Help to Buy.