New Homes

Help to Buy

While the Government's Help to Buy Equity Loan scheme is now closed there are still a couple of help to buy schemes that offer first time buyers and home movers the opportunity to purchase their new home with just a 5% deposit.

The Government’s Help to Buy Mortgage Guarantee scheme help buyers with small deposits (5% or over) on properties up to £600,000 and has now been extended until the end of 2023.

Deposit Unlock has been developed by the Home Builders Federation to help first time buyers and home movers buy a new build home with a 5% deposit. With Deposit Unlock, the maximum loan size you can take out is £750,000, although it does vary by lender. This scheme is exclusively for new build homes.

As well as the 5% mortgages there is also Shared Ownership, which gives first time buyers the option to buy a share of their home (between 25% and 75%) and pay rent on the remaining share. Shared ownership homes are often offered by housing associations, local councils, and other organisations.

Work out your 5% deposit

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Frequently asked questions

What was Help to Buy: Equity Loan?

The Help to Buy: Equity Loan was a Government scheme for first-time buyers first introduced in 2013. The scheme allowed first-time buyers to buy a new build home with a deposit of just 5%. The scheme closed to new applications at the end of October 2022. 

What is Shared Ownership?

If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay a monthly rent on the remaining share. 

You could buy a home through Help to Buy: Shared Ownership in England if:

  • your household earns £80,000 a year or less outside London, or your household earns £90,000 a year or less in London
  • you are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move.
What is the Mortgage Guarantee scheme?

The government backed Mortgage Guarantee scheme is designed to help buyers with a 5% deposit buy a home. It was launched to increase the availability of 95% LTV mortgages, as the government will partially compensate the lender if a homeowner fails to pay their mortgage. Mortgages offered under the scheme must be repayment mortgages. The scheme runs until December 2023.

What is a 95% LTV mortgage?

A 95% Loan to Value mortgage is a secured loan that covers 95% of a property’s value. You’ll need to provide a deposit for the remaining 5%. They can be good for those who may struggle with a higher deposit such as first time buyers, however typically come with higher interest rates.

How can I find out more about which scheme is right for me?

The government website Own your Home provides further details and guidance on which scheme might be the best to help you own your home.

Mortgages available from a wide range of well known providers

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What customers say about Embrace Financial Services

Embrace Financial Services

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The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.