Help to Buy

And other ways to fund a property purchase

Help to buy schemes and how our property lawyers can help

There is a common misconception that Government schemes designed to help you buy a house are only for first time buyers or those buying a new build property. This may be correct in certain cases however this is not correct for all. So what are the different Government “Help to Buy” schemes available and how can they help buyers in different circumstances?

Help to Buy ISA

A Help to Buy ISA is a Government scheme where you save money into a Help to Buy ISA and for every £200.00 you save you will receive 25% (or £50.00) extra from the Government. The maximum amount of bonus (or extra) you can receive is £3,000.00. The minimum amount of bonus you can receive is £400 and to qualify for the bonus you will need to have saved a minimum of £1,600into the ISA.

To qualify for the scheme, you will need to be a first time buyer and you will be required to complete a declaration stating this. This scheme is open to new build properties and non-new build properties.

We will help and advise on how you can access the money once you are ready to purchase your home. This is a great scheme if you qualify, as minimal effort is required but the reward is great.

Shared Ownership

Shared Ownership allows you to purchase a share of your home if you are unable to afford to buy the property at 100% of the market value. You purchase a share of the property of between 25% & 75%, and then the remainder is paid as rent to a Housing Association.

This scheme is open to new build properties and non-new build properties through the resale scheme from a Housing Association.

Equity Loan

An equity loan allows you to pay a 5% deposit on a property, 75% of the value is mortgaged with a qualifying lender and then a 20% loan is provided by the Government. For the first five years of owning the property the Government loan will not have any interest charged and there will not be any monthly instalments to pay. If you are buying a property in London, you can now take out a loan of 40% of the property’s value under the Government’s equity loan scheme.

The equity loan will be treated similarly to your existing mortgage, so when you sell your home, you will pay back the relevant share to the Government. You can however choose to repay all or part of the equity loan prior to selling the property.

This scheme is open to both first time buyers and non-first time buyers on new build properties only.

The property team at Hunt and Coombs Solicitors are highly experienced in dealing with all of the above schemes so for more information on buying and selling a property, please contact the Residential Conveyancing team on 01733 882 800 or email on for a free, no obligation quote.


Andrew Boullemier, Licensed Conveyancer

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This article has been prepared for general interest and information purposes only; it does not constitute legal advice and should not be relied on as such. While all possible care has been taken in the preparation of this article, no responsibility for the accuracy and/or correctness of the information and commentary set out in the article, or for any consequences of relying on it, is assumed or accepted by the firm or the authors.