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Mortgages explained: what affordable mortgage schemes are available to you?

Getting your first foot onto the property ladder can be difficult.

That’s why we’re committed to supporting your homeownership journey by working with the Government and other third-party organisations to promote affordable schemes. 

So, if you’re looking to purchase a home but find the process a bit daunting and could do with a little bit of extra help, below we have listed five schemes to help get you started: 

Help-to-Buy - Shared equity
The Help to Buy Equity Loan is a Government scheme that allows you to buy a home up to the value of £600,000 with only a 5% deposit. The Government will dig into its pocket and lend you up to 20% (40% in London) of the property’s value as an interest free loan for 5 years. 

Help-to-Buy - Shared Ownership 
Shared Ownership allows you to buy your home with as little as a 5% deposit of the share you are buying. You can own shares of a property from 25% - 75% while paying rent on the remaining percentage to a housing association. Gradually you can increase your share in the property – called staircasing – when you can afford to. This means you can eventually own your house outright. The developer will normally take second charge over the property.

Shared Equity - other schemes 
Shared Equity schemes are assisted buying options available from property developers. 

The Shared Equity scheme allows you to purchase a property with only a 5% deposit. Usually up to 20% of the property price will be covered via a loan from the property developer that you do not pay back until the property is sold, at which time the developer will reclaim their percentage.

West Berkshire Council ‘First Step, Next Step’ scheme
Available to those who live in West Berkshire only, ‘First Step, Next Step’ is a joint scheme between West Berkshire Council and Newbury Building Society to help local buyers who want to own their home but do not have sufficient financial resources available. An equity loan deposit scheme, it offers a mortgage from the Society as well as a cash injection from the council which can be used to top-up your deposit or bridge the gap between a maximum mortgage offer and the property purchase price. 

Do it yourself shared ownership (DIYSO
With a registered provider such as Your Home, do it yourself shared ownership gives you the opportunity to part own, part rent any property available on the open market. 

To find out more information about the mortgage process, you can download our booklet ‘Mortgages Explained'

Alternatively, visit our mortgage page for a full listing of our mortgage products. 

If you'd like to talk to us about a mortgage, pop into your local branch or contact us to arrange an appointment with one of our qualified mortgage advisers.

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