Mortgage Knowledge Base
The Help to Buy scheme is a government-backed initiative in the UK that aims to help first-time buyers and home movers purchase a property with a smaller deposit. The scheme is available to both new and existing home buyers, and operates through two main programs: the Help to Buy Equity Loan and the Help to Buy Shared Ownership.
Applications ended on 31 October 2022 and home purchases must be completed by 31 March 2023.
The Help to Buy Shared Ownership program allowed borrowers to purchase a share of a property and pay rent on the remaining share. The borrower could purchase a minimum of 25% of the property and could eventually own the property outright by purchasing additional shares.
