{"id":195,"date":"2021-11-18T16:05:39","date_gmt":"2021-11-18T16:05:39","guid":{"rendered":"https:\/\/www.affalo.co.uk\/blog-api\/?p=195"},"modified":"2022-08-22T11:15:44","modified_gmt":"2022-08-22T11:15:44","slug":"home-ownership-schemes","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/home-ownership-schemes\/","title":{"rendered":"Home ownership schemes: A guide"},"content":{"rendered":"\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">The Government has a number of home ownership schemes designed to help first-time buyers buy their first homes. These differ around the country, and England, Wales, Scotland and Northern Ireland all have their own schemes. In this blog we\u2019ll be discussing them in brief. We\u2019ll also be pointing you towards helpful resources. This way, you can, if you need it, find a scheme that works for you.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/home-ownership-schemes\/#Home_ownership_schemes_in_England\" >Home ownership schemes in England<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/home-ownership-schemes\/#Home_ownership_schemes_in_Wales\" >Home ownership schemes in Wales<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/home-ownership-schemes\/#Home_ownership_schemes_in_Scotland\" >Home ownership schemes in Scotland<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/home-ownership-schemes\/#Home_ownership_schemes_in_Northern_Ireland\" >Home ownership schemes in Northern Ireland<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/home-ownership-schemes\/#Other_schemes\" >Other schemes<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Home_ownership_schemes_in_England\"><\/span><strong>Home ownership schemes in England<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mortgage guarantee scheme<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Government has agreed to guarantee 95% LTV mortgages for first-time buyers who secure their loan with a 5% deposit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This means that lenders will be more inclined to lend and because the Government has promised to pay their restitution if the mortgage falls through.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This scheme will run until 31 December 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read more about the mortgage guarantee scheme <a href=\"https:\/\/www.ownyourhome.gov.uk\/scheme\/mortgage-guarantee-scheme\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Help to Buy Equity Loans<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Government is issuing Equity Loans to help first-time buyers purchase new-build Help to Buy properties with smaller deposits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Equity loans require you to contribute a 5% deposit, plus up to 75% (55% in London) of the home\u2019s price on a regular mortgage. The Government will then lend you money to pay the rest.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You will fully own your property, but the Government gets a share of the equity up to 20% (40% in London) until you pay off the equity loan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This scheme will run until March 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read more about Help to Buy equity loans <a href=\"https:\/\/www.ownyourhome.gov.uk\/scheme\/help-to-buy-2021-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>First Homes<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The First Homes scheme offers homes discounted by at least 30%. To be eligible to buy a First Homes property you must fit certain criteria. You must also be able to provide a minimum 5% deposit, possibly more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This scheme exists in perpetuity and continues to apply after you sell the house.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read more about First Homes <a href=\"https:\/\/www.affalo.co.uk\/blog\/first-homes-scheme-what-you-need-to-know\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Shared Ownership<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">On the Shared Ownership scheme, first-time buyers can purchase a stake in their home from a housing association, with rent paid on the remaining share. This has the benefit of requiring a smaller mortgage, but has some drawbacks. This includes a risk of being more costly long-term than more traditional ownership, and only being available on a leasehold basis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can read more about Shared Ownership <a href=\"https:\/\/www.affalo.co.uk\/guides\/what-is-shared-ownership\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>. For information about Shared Ownership resales, click <a href=\"https:\/\/www.ownyourhome.gov.uk\/scheme\/resales\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Right to Buy<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Right to Buy scheme is one of the most well-known Help to Buy schemes, but it\u2019s also one of the most controversial.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In Right to Buy, people who rent public sector housing (also known as a \u201ccouncil house\u201d) for at least three years can claim a discount of up to \u00a384,600 (\u00a3112,800 in London) to help them buy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Right to Buy has been subjected to criticism for reducing the amount of council housing stock left available for rent. This means most of the remaining council estates are in areas where owning property is of little value, such as distance from transport and employment opportunities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can read more about Right to Buy <a href=\"https:\/\/www.ownyourhome.gov.uk\/scheme\/right-to-buy\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>. For information about Preserved Right to Buy, a similar scheme, click <a href=\"https:\/\/www.ownyourhome.gov.uk\/scheme\/right-to-buy\/preserved-right-to-buy\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Lifetime ISA<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Lifetime ISA is a long-term savings product sponsored by the Government, to help first-time buyers to save up for a mortgage deposit. You can save up to \u00a34000 a year, and the Government will add 25% on top of whatever you have saved at the end of each year, meaning you could get up to \u00a31000 paid in every year as a return on your savings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The bank allows you to withdraw your ISA twelve months after opening it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For more information on the Lifetime ISA, see <a href=\"https:\/\/www.gov.uk\/lifetime-isa\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Home_ownership_schemes_in_Wales\"><\/span><strong>Home ownership schemes in Wales<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Shared Ownership \u2013 Wales (Rhanberchnogaeth \u2013 Cymru)<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Similar to the English scheme, but initial stakes start at 25% rather than 10%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">See <a href=\"https:\/\/gov.wales\/shared-ownership-wales\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a> for details (<a href=\"https:\/\/llyw.cymru\/rhanberchnogaeth-cymru\" target=\"_blank\" rel=\"noreferrer noopener\">Cymraeg<\/a>).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Help to Buy \u2013 Wales (Cymorth i Brynu \u2013 Cymru)<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Under the Help to Buy \u2013 Wales scheme, the Welsh Government provides a shared equity loan to buyers of new-build homes. It requires buyers to provide 5% deposit, and the loan provides up to 20% of the purchase price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You must take out a repayment mortgage (i.e. not an interest-only mortgage) to cover the remainder.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">See <a href=\"https:\/\/gov.wales\/help-buy-wales\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a> for details. (<a href=\"https:\/\/llyw.cymru\/cymorth-i-brynu-cymru\" target=\"_blank\" rel=\"noreferrer noopener\">Cymraeg<\/a>)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Homebuy \u2013 Wales (Prynu Cartref \u2013 Cymru)<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">This is a special scheme in Wales that helps people in rural areas to buy homes. It offers an equity loan of 30-50% for first-time buyers who fit specific criteria. It is only available to those who fit those criteria, so you will need to check eligibility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">See <a href=\"https:\/\/gov.wales\/homebuy-wales\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a> for details. (<a href=\"https:\/\/llyw.cymru\/prynu-cartref-cymru\" target=\"_blank\" rel=\"noreferrer noopener\">Cymraeg<\/a>)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Home_ownership_schemes_in_Scotland\"><\/span><strong>Home ownership schemes in Scotland<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Low-Cost Initiative for First-time buyers (LIFT)<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In Scotland there are two shared equity schemes under the LIFT banner \u2013 Open Market Shared Equity (OMSE) and New Supply Shared Equity (NSSE). It\u2019s open to first-time buyers and members of certain priority access groups.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the OMSE you pay for between 60 and 90% of the home\u2019s cost. On the NSSE it\u2019s 60 and 80%. If you pay for 60% of the home, the Scottish Government will cover the remaining 40%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">OMSE homes are available on the open market within certain price thresholds. NSSE homes are new-builds owned by housing associations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For more information about the LIFT schemes, see <a href=\"https:\/\/www.gov.scot\/policies\/homeowners\/low-cost-initiative-for-first-time-buyers\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>First Home Fund and Help to Buy (Scotland)<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Scottish Government is no longer offering the <a href=\"https:\/\/www.gov.scot\/policies\/homeowners\/first-home-fund\/\" target=\"_blank\" rel=\"noreferrer noopener\">First Home Fund<\/a> or <a href=\"https:\/\/www.gov.scot\/policies\/homeowners\/help-to-buy\/\" target=\"_blank\" rel=\"noreferrer noopener\">Help to Buy<\/a> shared equity scheme. The withdrawal of the First Home Fund after just five working days <a href=\"https:\/\/www.edinburghnews.scotsman.com\/news\/politics\/first-home-fund-scottish-government-closes-applications-after-five-working-days-3194178\" target=\"_blank\" rel=\"noreferrer noopener\">sparked much consternation in Scotland back in April this year<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Home_ownership_schemes_in_Northern_Ireland\"><\/span><strong>Home ownership schemes in Northern Ireland<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Co-Ownership<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Co-Ownership is similar to the Shared Ownership schemes in England and Wales, but it\u2019s not the same.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All property on the Co-Ownership scheme is bought <a href=\"https:\/\/affalo.co.uk\/blog\/whats-the-difference-between-a-freehold-and-a-leasehold\" target=\"_blank\" rel=\"noreferrer noopener\">freehold<\/a> by Co-Ownership, a not-for-profit housing association. Unlike the England and Wales scheme, the freeholds for Co-Ownership properties are not already owned by Co-Ownership. Instead, the prospective leaseholder and Co-Ownership agree on it prior to purchase, based on certain criteria. Co-Ownership buys the freehold, then sells shares in the leasehold to the buyer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Co-Ownership properties have a value no higher than \u00a3165,000. Shares start at 50% up to 90% and you pay rent on the remainder.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Co-Ownership is only meant for people who have no alternative, and who can afford it. In this way, it is more like claiming a housing benefit than buying a leasehold.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">See <a href=\"https:\/\/www.co-ownership.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a> for more details.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Equity sharing<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The equity sharing scheme in Northern Ireland is also similar to the Shared Ownership schemes in England and Wales, with some differences.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you are resident in Northern Ireland and live in social housing, you can buy a share in the equity, allowing you to lower the amount of rent you pay to the social housing landlord.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Equity sharing will end at midnight on 27 August 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For more information, click <a href=\"https:\/\/www.nidirect.gov.uk\/articles\/equity-sharing\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>House sales scheme<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The house sales scheme is similar to the Right to Buy scheme in England. It is for tenants of social housing landlords, such as the Housing Executive, to buy their homes at a discount. Specifically, tenants who have lived in social housing for a minimum of five years have a right to buy their home at a 20% discount. This discount increases by 2% for each additional year to a maximum of 60%, or \u00a324,000, whichever comes first.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You may sell your home, but if you sell it within five years of buying, you may end up having to pay back the full discount. This is to discourage dishonest buying and reselling of social housing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Click <a href=\"https:\/\/www.nidirect.gov.uk\/articles\/house-sales-scheme\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a> for more information.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Rent to Own<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Northern Ireland Rent to Own scheme is designed for people who can\u2019t yet afford to buy a home, but would like to do so in future. It is similar to the Co-Ownership Scheme mentioned above. However, in this case, you are considered a tenant, not a homeowner.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You rent their house from a subsidiary of Co-Ownership known as OwnCo Homes. After a year, OwnCo permits you to buy the home off them, and you must have purchased the home after three years of tenancy. Therefore, you must be serious about owning a home within three years from the start of the tenancy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For more information about Rent to Own, see <a href=\"https:\/\/www.nidirect.gov.uk\/articles\/rent-own\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a> and <a href=\"https:\/\/www.co-ownership.org\/rent-to-own\/how-does-it-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Other_schemes\"><\/span><strong>Other schemes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">These are some of the schemes designed with first-time buyers in mind. There are other schemes available too:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>In England, the <a href=\"https:\/\/www.ownyourhome.gov.uk\/scheme\/hold\/\" target=\"_blank\" rel=\"noreferrer noopener\">Home Ownership for People with Long-term Disabilities<\/a> (HOLD) and <a href=\"https:\/\/www.ownyourhome.gov.uk\/scheme\/opso\/\" target=\"_blank\" rel=\"noreferrer noopener\">Older People\u2019s Shared Ownership<\/a> (OPSO) schemes are designed with disabled homebuyers and older homebuyers in mind.<\/li><li><a href=\"https:\/\/www.affalo.co.uk\/blog-api\/self-build-a-short-guide-to-building-your-own-home\/\" target=\"_blank\" rel=\"noreferrer noopener\">Help to Build and Self-build<\/a> are schemes in England and Scotland for people who want to build their own homes.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Credit-Score offers two fabulous solutions.<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re preparing to take a mortgage, never apply until you\u2019ve tried our unique and&nbsp;<a href=\"https:\/\/home.credit-score.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">FREE Credit-Score Home app.<\/a>&nbsp;Our smart technology will tell you what you need to fix so you avoid rejection. The app predicts when you will be able to buy, for how much and tracks your month-by-month progress to mortgage success. We\u2019ve even added your own mortgage broker, so you get the best deals available.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">More focused on your credit rating? Well, get started for free with&nbsp;<a href=\"https:\/\/www.check.co.uk\/register\" target=\"_blank\" rel=\"noreferrer noopener\">Credit-Score\u2019s 24- Factor Credit Check<\/a>&nbsp;to truly help you improve your creditworthiness and how lenders view you. (Remember: lenders don\u2019t use your credit score! We\u2019ll show you what lenders look for and how to get your credit report in the best shape possible).<\/p>\n","protected":false},"excerpt":{"rendered":"There are many home ownership schemes designed to help buyers buy their first homes. This guide could help you find one that&#8217;s right for you.\n","protected":false},"author":19,"featured_media":5137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[514,515],"tags":[506,507,508,695,696,620,697,489,698,663,477,488,699,558,700,701,702,703,621,523,704,705,706,707,491],"class_list":["post-195","post","type-post","status-publish","format-standard","has-post-thumbnail","category-first-time-buyer","category-guides","tag-buying-a-home","tag-buying-a-home-for-the-first-time","tag-buying-a-house","tag-co-ownership","tag-co-ownership-northern-ireland","tag-creditscore","tag-cymorth-i-brynu","tag-equity-loans","tag-equity-sharing","tag-first-homes-scheme","tag-first-time-buyer","tag-help-to-buy","tag-home-ownership-schemes","tag-homebuyer","tag-lifetime-isa","tag-lift-scheme","tag-low-cost-initiative-for-first-time-buyers","tag-mortgage-guarantee-scheme","tag-mortgage-score-home","tag-mortgages","tag-prynu-cartref","tag-rent-to-own","tag-rhanberchnogaeth","tag-right-to-buy","tag-shared-ownership"],"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2021\/11\/avi-naim-JfpjgnVhpmM-unsplash-1-scaled.jpg","author_info":{"display_name":"Robert Edwards","author_link":"https:\/\/www.check.co.uk\/blog\/author\/conor-mullinsaffalo-co-uk\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home Ownership Schemes: A Guide | Credit-Score UK<\/title>\n<meta name=\"description\" content=\"There are many home ownership schemes designed to help buyers buy their first homes. 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