Are you about to step onto the property ladder? Government schemes could help you buy your dream home, but shockingly, most first-time buyers don’t even know they exist!

A recent report by Barratt Homes has revealed that a staggering 88% of first-time buyers don’t know about the Help to Buy scheme. This comes at a time when understanding these schemes is more important than ever, with the cost of living crisis and sky-high property prices making it even harder to get on the property ladder.

Help to Buy

The Help to Buy Mortgage Guarantee scheme, set to run until June 2025, allows you to buy a home with just a 5% deposit. The government acts as a guarantor for your mortgage, giving lenders the confidence to offer you a better deal.

Despite its potential benefits, the scheme has flown under the radar for many first-time buyers. With Labour planning to replace it with a new “Freedom to Buy” scheme if they come into power, time is running out to take advantage of this opportunity.

Other Schemes to Help You Buy

Help to Buy isn’t the only game in town! Here are some other government-backed schemes that could help you become a homeowner:

Shared Ownership:

• Buy a share of a property (usually between 25% and 75%) and pay subsidised rent on the rest.
• Increase your share over time through a process called ‘staircasing’.
• A great option if you can’t afford to buy a property outright.

First Homes Scheme:

• Exclusive to first-time buyers in England with a combined income of less than £80,000.
• Offers a discount of at least 30% on new-build properties (and sometimes up to 50%!).
• Eligibility criteria and property availability vary depending on location.

Guarantor Mortgages:

• Get a leg up from your parents! They use their property or savings as security for your mortgage.
• Allows you to borrow up to 100% of the property value, even with a smaller deposit.
• Ideal if you’re struggling to save a large deposit or meet affordability requirements.

Don’t Miss Out – Get Expert Advice

The world of homebuying schemes can be tricky. Before you jump in, it’s crucial to do your research and seek advice from a qualified mortgage expert. They can help you understand the different options available and find the scheme that best suits your individual circumstances.

Don’t let a lack of knowledge hold you back from your dream home. With the right information and guidance, owning a property could be closer than you think!