Top 5 schemes to use now Help to Buy has ended

Now that the Help to Buy scheme has officially ended, you might be wondering what alternatives are available to you. With the Government having no current plans to replace the scheme, there are some other options available. To help we have written an article with our Top 5 schemes to use now Help to Buy has ended. We understand how these schemes work and would love to help you get the home of your dreams.

1. Shared Ownership

With Shared Ownership, you buy a share of a house or flat, usually a minimum share of 25%. You’ll pay rent on the remaining share. As you’re only buying a percentage of the house, you’ll need a smaller mortgage and deposit. So, this could be a good option if you’re on a tight budget. After you’ve moved in you can buy a bigger share of your home. This is known as ‘staircasing’. You can find out more on our Shared Ownership page.

2. 95% mortgages

There are still some 95% mortgage available on the market. These enable you to purchase a property with just 5% deposit and are sometimes known as 95% loan to value mortgages. They can be useful for First Time Buyers or previous home owners who have struggled to save up enough of a deposit.

3. Forces Help to Buy

If you are a member of the armed forces, there is a dedicated Forces Help to Buy scheme. The scheme is designed to help serving members of the armed forces get on the property ladder. The Forces Help to Buy scheme allows Regular Serving Personnel to borrow an amount, interest fee to be used to help purchase a property. The loan amount can be up to 50% of their annual salary to a maximum of £25,000, interest free. We have a page dedicated to the Forces Help to Buy scheme if you’d like to find out more.

4. Mortgage Guarantee Scheme

Launched in April 2021, the Mortgage Guarantee Scheme has recently been extended until June 2025. It is designed to encourage more lenders to offer products at a 95% Loan to Value. The scheme allows both first-time buyers and current homeowners to purchase properties up to a value of £600,000 with a 5% deposit. Our dedicate Mortgage Guarantee Scheme page has more information.

5. First Homes Scheme

If you are a First Time Buyer in England, you might be able to use the First Homes Scheme. With the First Homes scheme, homes are built specifically to be sold at a discount. They will be put on the market at a discount of at least 30% and this can be increased by local councils to up to 50% in areas where property prices are very high. You will need to be buying in your local area, or be a key worker or a member of the armed forces to use this scheme.

We hope our article on the Top 5 schemes to use now Help to Buy scheme ended has been useful. If you need any further advice, we would love to chat. Not only do we have access to the current deals on the market, some of which are not available on the high street directly. We also have extensive knowledge of all the current Government schemes designed to give you a helping hand.

Interested in Shared Ownership? We can help. Only have a small deposit? We can advise you on that as well.

By speaking to Your Mortgage Expert, you’ll get access to expert New Build and First Homes mortgage advice. We can help you work out how much you can afford to borrow, what your repayments would be and what type of mortgage is most suitable for your personal circumstances. And, if you need it, we can break down all the jargon so you understand whether to opt for a tracker mortgage, fixed rate mortgage or something more flexible.

We aren’t like other brokers. Our small, friendly team has over 80 years of experience in the mortgage and protection industry.

With over 100 five star reviews on Google and over 90 verified reviews on VouchedFor, we would love to work hard for you.

To speak to a member of the mortgage advice team about your mortgage ring Your Mortgage Expert now on 01722 322683. We are based in Salisbury but we can help you no matter where you live in the UK. Or complete a contact form using the link below.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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“This was knight in shining armour stuff. Our conscientious mortgage broker was a delight to deal with from the off and the key to our dream home.”

Max and Martha, First Time Buyer customers from Cardiff
“Being in the Armed Forces I am away a lot, meaning it can be hard to attend meetings, answer emails and especially hard to fill in forms. Adam and his team were extremely helpful and understanding of our situation and provided help wherever they could. After our initial meeting where we provided our required details, we actually did very little of the hard work, apart from signing a couple of papers.”

Callum and Verena, First Time Buyer Armed Forces Mortgage Customer from Salisbury
“I expect my circumstances were fairly rare, but the help and guidance I received from you was invaluable. I feel that the personal touch you provide offers something that appeals to the soldier in me.  During my service I always liked to have a point of contact, someone who was the “go to” specialist in their field.  This provides a degree of assurance about a situation and it was refreshing to find that same degree of certainty transitioning to civilian life, particularly with something as important as a mortgage and buying our family home.”

Andrew and Helen, Armed Forces Mortgage Customers from Salisbury
“Even though we were used to having a mortgage on the rental property, paying a mortgage on your own home was still a bit of a shock after years of having married quarter rental deducted from your pay at source. But, at every step along the way, we felt reassured, understood and that we really mattered to Adam. Trust is an important concept for military families and we trusted Adam.”

Fiona and Graham, Armed Forces Mortgage Customers from Wilton
“As a contractor, it was difficult for me to obtain a mortgage through normal channels so it was great to find a mortgage adviser that specialised in contractor remortgages and understood the challenges. In addition, I had fairly tight timescales, so wanted someone who could make the process quick and hassle free.”

Andrea, Contractor Mortgage Customer from Warminster
“I am a contractor, therefore require specialist mortgage advice. Adam has now concluded two mortgages for us (new mortgage then a contractor remortgage), and is currently arranging a buy-to-let mortgage for us. He also arranged our life insurance for us. We keep returning to him for some great reasons – he is always available, and ready to help. He provides great advice, and always ensures that he meets our requirements exactly. He is prepared to explain things in such a way that even a lummox like me can understand, and his level of service has remained consistently good over the last three years.”

Matt, Contractor Mortgage Customer from Southampton
“Adam’s advice on the different types of critical illness and life insurance were really useful. He also worked with us to decide the best combination of policies that would work with our existing policies to cover our needs. When doing this he happily tweaked quotes for us until we came out with an arrangement that was both affordable and would provide us with the level of cover we thought appropriate.”

Hannah and Steve, Protection Insurance Customers from Stamford
“Adam provided us with factual advice and also with options of which we were unaware. The advice on gifted equity was something we hadn’t heard about and this assisted us hugely to ensure repayments worked within our affordability. He provided us with a very personal service that made the journey from initial call, to mortgage offer and completion hassle free. We have already recommended Adam to someone and will continue to recommend his services in the future.”

Saul and Laura, Home Mover Mortgage Customers from Salisbury
“Mike and I collected the keys to our flat this weekend and we couldn’t be happier. It’s been a long time coming but we got there! We just wanted to say a MASSIVE thank you for everything you have done for us so far. We’ve really appreciated all the help, advice and reassurance you’ve given us all the way through this process. It’s really nice to have a friendly voice on the other end of the phone.”

Mike and Bethan, First Time Buyer Mortgage Customers from London
“Without question Adam found me a deal the estate agent’s broker couldn’t. He was very easy to contact whenever I needed him and he took time to explain the ins and outs of the Help to Buy equity loan scheme mortgage that he found me. I would rate him five out of five and will be back to use him when the time comes to remortgage or move.”

Chris, Help to Buy Mortgage Customer from Southampton

Top 5 schemes to use now Help to Buy has ended