Guide to Help to Buy

About this guide

Buying your first home is expensive and can sometimes feel impossible to do. However, there are many schemes and initiatives available to help first-time buyers onto the property ladder, from Shared Ownership to the Help to Buy Equity Loan. 

Compare My Move have created in-depth guides featuring all the latest updates in the Help to Buy scheme. 

  • 1. What is the Help to Buy ISA?

    The Help to Buy ISA is a savings account for first-time buyers which is supplemented by a 25% government bonus.

    The government made the decision to stop new accounts being opened as of 30 November 2019. Those who opened a Help to Buy ISA before this date will be able to continue saving into their accounts until November 2029.

    To have opened a Help to Buy ISA you will have needed to be a first-time buyer and over the age of sixteen.

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  • 2. What is a Lifetime ISA?

    A Lifetime ISA (LISA) is a government scheme that allows you to save a deposit for your first house or to use later in retirement. You’ll receive a 25% government bonus on anything saved, with a maximum amount you can save at £4,000 a year.

    The Lifetime ISA will allow you to earn interest on your bonus, you can open the account if you’re aged between 18-40 and the bonus applies until you’re 50 years old.

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  • 3. Shared ownership vs shared equity

    There are a variety of affordable housing schemes that are government-funded and a great way to help buyers get onto the property ladder. Two of these schemes include shared ownership and shared equity. Although these schemes help those with an income of less than £60,000 get onto the property ladder, they won’t be available to everyone.

    Shared ownership helps first-time buyers and those with a lower income purchase a home by allowing them to buy shares of a property whilst paying rent on the rest. With shared equity, however, buyers can pay a small deposit for a property and then use an equity loan to top it up. To help you make an informed decision, Compare My Move has worked with property experts to create a guide describing what each scheme is, the differences between them and how they may relate to you.

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  • 4. First time buyer jargon buster: a glossary

    We’ve created this useful jargon buster so you’re familiar with important terms and processes before you start the buying or selling process. From gazumping to disbursements, we have covered everything you need to know so you’re fully clued up on the moving house vocabulary.

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  • 5. Selling a property with a help to buy loan

    Although the Help to Buy Equity Loan is a helpful way to get onto the property ladder, homeowners who have used it are not always aware of the implications it has when it comes to selling their property.

    In this article, we will discuss the process of selling a home you’ve purchased using a Help to Buy Equity loan and how it may differ from traditional selling.

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