There are a number of Government schemes to help individuals who are unable to afford to buy a home, including help to buy equity loans, help to buy mortgage guarantees and help to buy ISAs (see Individual savings account).
Help to buy equity loans are available in England to all buyers for new builds with a purchase price of up to £600,000. The property must be the individual’s only property and cannot be sublet. The loan from the Government is for up to 20 percent of the purchase price, dependent on the individual having at least 5 percent of the purchase price as a deposit and a mortgage of up to 75 percent to cover the rest. There are different home ownership schemes in Wales, Scotland and Northern Ireland.