Help to Buy scheme ends this month: Mortgage expert explains the options

With Help to Buy officially ending for English applicants on 31 March 2023, Uswitch.com mortgage expert, Kellie Steed, has provided some tips and alternatives for first-time buyers in the 2023 housing market.

Kellie Steed, Uswitch.com mortgage expert comments:

“In England, you can no longer apply for the Help to Buy scheme, which closed to new applications in October 2022. If you’ve previously been accepted into the scheme, you can still use your equity loan to qualify for a Help to Buy mortgage until March 31, 2023.”

“Similar schemes in Scotland and Northern Ireland ended some time ago, although both devolved nations have alternative home ownership schemes available. The scheme was recently extended in Wales until March 2025, but there is no evidence that the programme will be brought back in any other part of the UK.

“Nonetheless, there are several comparable home ownership programmes in the UK, as well as specialised mortgages that can assist first-time buyers or individuals who are unable to qualify for a traditional mortgage.

“The Deposit Unlock scheme, for example, is the first non-governmental home ownership scheme and unlike most home ownership schemes, this is open to home movers, as well as first-time buyers. Instead of the usual 15% deposit, it allows applicants to purchase new build homes with just a 5% deposit.

Although this programme is open throughout the UK, its availability and maximum property value vary by location so it might be worth speaking with a broker about your options.”