Help for First Time Buyers

Government schemes to help you buy your first home

There are multiple government schemes designed to help first time buyers get their feet on the property ladder, including Shared Ownership, the First Homes scheme and Lifetime ISAs. Learn more about them here.

Shared Ownership is a government-backed scheme that lets you buy a share of a home – usually between 10% and 75% – and pay rent on the part you don’t own. Since you're only purchasing a portion of the property, your deposit is typically smaller as well.

Over time, you can buy more shares in your home until you own it all. This process is called ‘staircasing’.

Who can apply?
You’ll need to meet a few criteria to be eligible for Shared Ownership:

• Your household income must be under £80,000 a year (or £90,000 if you live in London)

• You must be unable to afford a full deposit and mortgage

• You should be a first time buyer, someone who used to own a home but can’t afford to buy again, an existing shared owner, or forming a new household

First Homes scheme

The First Homes scheme helps first time buyers and key workers purchase a new build home with a discount of 30% to 50%. This discount stays with the property, so when you sell it, the next buyer – who must also qualify – gets the same discount.

Local councils can decide who counts as a key worker in their area. This helps them attract individuals who work in roles considered vital to the community.

Who can apply?

To qualify for the First Homes scheme, you must:

• Be at least 18 years old

• Be a first time buyer or key worker in England

• Have a household income under £80,000 a year (£90,000 in London)

• Be buying a home worth no more than £250,000 (£420,000 in London)

• Have a local connection to the area, such as living, working or growing up there

Lifetime ISA (LISA)

A Lifetime ISA is a smart way to save for your first home. You can contribute up to £4,000 each year, and the government will add a 25% bonus, up to a maximum of £1,000 per year.

When you're ready to buy, you can use your savings if:

• The home costs £450,000 or less

• It’s been at least a year since your first payment

• You’re using a mortgage

• A solicitor or conveyancer is handling the purchase

Who can apply?

To be eligible for a Lifetime ISA, you’ll need to:

• Be aged 18 to 39

• Be a UK resident

• Be a first time buyer if you’re using your LISA to buy a home

Regional help for first time buyers

There are also plenty of schemes available to help first time buyers in Scotland, Wales and Northern Ireland, including:

• New Supply Shared Equity (NSSE) scheme – Scotland: The NSSE scheme helps first time buyers (and other priority access groups) buy new build homes from housing associations and councils when they can’t afford the total cost.

• Open Market Shared Equity – Scotland: The Scottish government helps first time buyers by holding a share of the property under a shared equity agreement, allowing you to pay for a share (usually between 60% and 90%) rather than the full amount of the home.

• Help to Buy – Wales: Available until September 2026, this scheme supports you if you’re buying a property worth up to £300,000 through a registered Help to Buy – Wales builder by providing a shared equity loan of up to 20% of the purchase price.

• Homebuy – Wales: Provides an equity loan to help first time buyers who can’t afford to buy a property. It’s worth noting that this scheme isn’t available in all areas of Wales.

• House Sales Scheme – Northern Ireland: First time buyers may be able to buy a property at a discount if they’ve been a Housing Executive tenant for over five years. The discount starts at 20% for five years and increases by 2% for every additional year, up to a maximum of 60% of the valuation or £24,000.

Stamp Duty relief for first time buyers

If you're buying your first home, you could save money with Stamp Duty relief:

• If your home costs £300,000 or less, you won’t pay any Stamp Duty

• If it’s priced between £300,000 and £500,000, you’ll only pay 5% on the amount above £300,000

• If your home costs more than £500,000, the relief doesn’t apply, and you’ll pay the standard rate

This rule has been in place since November 2017 and is designed to make it easier for first time buyers to get on the property ladder.

Other financial support options

Outside of government schemes, there are plenty of other ways first time buyers can get help when purchasing one of our new build homes. Discover our range of schemes designed to make moving more affordable, such as:

• Deposit Boost: First time buyers could see their deposit boosted by 5% if they have a 10% deposit.

• Deposit Unlock: Enables first time buyers to purchase a new-build home with a 5% deposit.

• Parent Power: Barratt could pay you 5% of your property’s purchase price up to £15,000 if you’re getting financial support from family or friends.

First time buyers could also get help from family members with a guarantor mortgage. These are designed for buyers who don’t have a large enough income to qualify for a mortgage on their own. They get a guarantor who commits to repaying the amount borrowed by the buyer if they’re unable to keep up with repayments.

Discover more ways parents can help first time buyers in our comprehensive guide.

Tips for making the most of these schemes

Before you apply for any scheme, it’s worth taking the time to understand which options work best for your situation. Some schemes can be used together – for example, you might use a Lifetime ISA to save for a deposit on a Shared Ownership home. Planning and knowing the eligibility requirements can help you make the most of what’s available.

It’s also a good idea to get mortgage-ready early. That means checking your credit score, getting your paperwork in order, and speaking to a mortgage advisor who understands the different schemes. They can help you find the right mortgage product and guide you through the application process so you’re ready to move when the time is right.

Ready to buy your first home? Browse our range of brand-new homes across the UK, with options for any family size, including 2, 3, 4 and 5-bedroom properties.

Call or visit our Sales Advisers today to learn more.