This scheme was available to first time buyers buying a new build property in England. Applicants put down a deposit to cover at least 5% of the property value; the government lent them an ‘equity loan’ covering up to 20% of the property’s value; the applicant used a mortgage to cover the remaining value. There were regional price caps limiting the price of property for which the loan could be used e.g. £437,600 in the South East of England; £349,000 in the South West. Successful applicants were required to start paying interest on the government loan after five years.

 

This scheme was for people serving in the Armed Forces, who had completed a minimum length of service; met certain medial criteria; and had at least six months of service left in their contract. They were able to borrow up to 50% of their salary (£25,000 max.) interest free to put towards the deposit/legal fees when buying the property.  They were required to repay the loan within 10 years. 

 

This scheme was more commonly called ‘shared ownership’ and allowed an applicant to buy a share of a property and rent the rest. They were expected to buy 25% – 75% of the property value and a housing association would own the rest while the applicant rented that part of the equity share from them.