About this guide
Buying your first home is expensive and can sometimes feel impossible to do. Fortunately, 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’s team of experts have created this Help to Buy guide featuring an in-depth look at the scheme, including the latest updates.
Our guide begins with a detailed look at exactly what is the help to buy isa as it’s important to fully understand the scheme. Whilst the Help to Buy ISA is closed for applications, those with accounts open can still pay money into their ISA until November 2029 and must claim their bonus by 1st December 2030.
There is a range of government schemes available to help people save for their first home. The Lifetime ISA allows you to save up to £4,000 a year with a 25% government bonus added. This guide will take a detailed look at what is a lifetime isa to help you weigh up the pros and cons.
This guide will explore the difference between shared ownership vs shared equity to help you familiarise yourself with your options. Shared ownership lets you buy shares of your property whilst paying rent on the rest and shared equity allows you to pay a small deposit for a house with help from a 20% equity loan whilst paying a mortgage on the rest.
If you decide to sell your help to buy property, the process will vary slightly. Selling a property with help to buy means you’ll have to repay the equity loan and mortgage on the completion of the sale. Please note that the Help to Buy Equity Loan scheme in England ends on 31st March 2023. Throughout the help-to-buy guide, we will explore in great detail everything you need to know about selling your help to buy house. We can also guide you through Help to Buy Valuations.
By having all the important information in one place, with a focus on what is a help to buy isa, what is a lifetime isa, shared ownership vs shared equity and selling a property with help to buy, you will have a greater understanding of your options. Once you’ve completed this guide, we hope you’ll feel confident about the help to buy schemes.
1. What is Shared Ownership?Shared Ownership, also known as 'part-buy, part-rent’, allows prospective buyers to purchase a share of a home and pay rent on the rest.Read this article
2. Selling a Shared Ownership PropertyThe process of selling a Shared Ownership property is different to selling a home you owe 100% of on the open market.Read this article
3. Shared Ownership Vs Shared EquityThere are many government-funded, affordable housing schemes that can help buyers get onto the property ladder. Two of these schemes are shared ownership and shared equity.Read this article
4. Jargon Buster For First Time Buyers: A GlossaryWe’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.Read this article
5. Selling a Property With a Help to Buy Equity LoanWhen selling a Help to Buy property, there are a number of different steps to take. Read more here about selling a home that was purchased using a Help to Buy Equity Loan.Read this article