Am I eligible to buy a home using one of the Help to Buy schemes?

Am I eligible to buy a home using one of the Help to Buy schemes?

It's a common misconception that the Help to Buy home ownership and rental schemes are just for first time buyers or only available to people in key worker jobs such as nurses, the police or teachers, however this is not true and most of the schemes will be accessible to most people.

This blog is here to clarify the eligibility requirements of each scheme and help you work out if you could be eligible to use one of them. Take a look below to find out more...

Shared Ownership scheme

Your household income cannot be more than £80,000 per year, before tax

- You will require a minimum of a 5% deposit of the value of the share you
buy in a home. For example if you bought a 35% share of a home with a full market value of £230,000 you would need a minimum 5% deposit of £4,025

- You cannot have legal interest in a property anywhere else in the world. If you do already own a property you must sell it before buying a home on the scheme

- If required you must be able to obtain a mortgage with a 'high street' or other reputable lender so it is recommended you have a good credit history before you apply for a home. If you wanted to purchase a share of a home using cash then it wouldn't be necessary for you to be able to gain a mortgage.

- Shared Ownership homes are sold on a first-come first-served basis*; however MOD personnel are a priority group and will be prioritised when looking to buy a home on the scheme. To find out more about prioritisation of homes click here.

- If you're existing shared owner and would like to move up the property ladder you can use the scheme again however your current property must be at sale agreed before you can reserve as new home. You may need to demonstrate that you are in housing need and have the support of your local authority. The Help to Buy Equity Loan scheme may be an alternative option which can assist existing home owners wanting to step up the property ladder.

- Click here to read further recommendations about applying for the scheme and information about priority groups

To read our full guide on Shared Ownership click here.

Rental schemes (Intermediate Rent and Rent to Buy)

- You will usually need one month's rent and a deposit at the tenancy start date and you should save the discount on your rent towards a deposit to purchase a property in the future

- Applicants in rent arrears at the time of their application or who have been in arrears within the past year are not eligible for the scheme

- You must be employed, self employed or be able to demonstrate you can afford to maintain the costs of renting a home. Student loans, bursaries and other similar forms of funding are not acceptable methods of income

- Click here to read further recommendations about applying for the scheme and information about priority groups

To read our full guide on Intermediate Rent click here and to read our guide on Rent- to- Buy click here.

Please note that to apply for Shared Ownership or a Rental scheme you must complete a full application and be assessed as eligible by Help to Buy South before you can proceed with the purchase or rental of a property. To make an application with Help to Buy South click here.


Help to Buy Equity Loan scheme

The Help to Buy E

More info:   

Call 0800 456 11 88