Afford Your Dream New Home in England, Scotland, or Wales

Buying a property is incredibly challenging. However, there is support available for both first-time buyers and existing homeowners when you buy a new-build home. Find out more about the different Government initiatives you can take advantage of, across different parts of the United Kingdom.

Once you’ve found the scheme that’s right for you, search our website for new-build homes here.

ENGLAND

Stamp Duty Land Tax Discount for First-time Buyers

First-time buyers qualify for complete exemption to Stamp Duty Land Tax (SDLT) in England on properties up to the value of £425,000. For any property greater than £425,000, first-time buyers will qualify for stamp duty relief at 5%, up to the value of £625,000. If a first-time buyer is purchasing a home for more than £625,000, then there will be no stamp duty relief at all.

Example:

  • 0% on the first £425,000: £0
  • 5% on the remaining £75,000: £3,750
  • Total Stamp Duty Land Tax: £3,750

Mortgage Guarantee Scheme

The government’s mortgage guarantee scheme, announced in 2021, runs until 30th June 2025. It is designed to increase the availability of 95% LTV mortgages for credit-worthy customers, including first-time buyers and homeowners.

  • You can get a mortgage with only a 5% deposit.
  • Open to new-build and older properties costing less than £600,000.
  • Applicants need a good credit rating and secure, regular income.

Find out more about the Mortgage Guarantee Scheme here.

Shared Ownership

Shared Ownership allows you to buy an initial share (10%-75%) of a property’s market value and pay rent on the remainder. You can increase your share over time, a process known as staircasing, until you own 100% of the property.

  • New model introduced in 2021, allowing smaller shares (minimum 10%).
  • Includes a 10-year essential maintenance and repairs support.
  • Buyers can purchase an extra 1% annually at a reduced cost.

Find out more about Shared Ownership here.

WALES

Help to Buy – Wales: Equity Loan Phase 3 Extension

The Help to Buy – Wales home ownership scheme has been extended from 1st April 2023 to March 2025. The scheme helps with the purchase of a new-build home up to £300,000, bought through a registered Help to Buy – Wales builder.

The Welsh Government provides a shared equity loan of up to 20% of the purchase price of a new-build home in Wales, up to £300,000. Homebuyers will need to provide a 5% deposit and take out a repayment mortgage for the remainder.

Find out more about Help to Buy – Wales here.

Shared Ownership – Wales

Shared Ownership – Wales helps you to buy an initial share of between 25% to 75% of the value of a property in Wales. The scheme is available to households earning £60,000 or less each year or those unable to buy a property on the open market.

Find out more about the qualification criteria for Shared Ownership – Wales here.

SCOTLAND

Land and Buildings Transaction Tax (LBTT)

In Scotland, first-time buyers can benefit from Land and Buildings Transaction Tax relief. The nil rate band of LBTT is available for properties up to £175,000. Rates beyond this value align with those for other homebuyers.

Find out more about LBTT in Scotland here.

LIFT Open Market Shared Equity Scheme

The LIFT Open Market Shared Equity Scheme helps first-time buyers purchase a home on the open market in Scotland. However, the scheme for 2023/24 is now closed due to full utilisation of the budget.

Find out more about the LIFT Open Market Shared Equity Scheme here.

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