What is Help to Buy?
'Help to Buy' is the name given to a number of UK government backed home ownership schemes.
A number of the more popular home ownership schemes have now ended including Help to Buy ISA and the Help to Buy: Equity Loan scheme in England.
When are the Help to Buy: Equity Loan schemes ending?
The Help to Buy: Equity Loan scheme in England is no longer open to new applicants however, if you applied by 6pm on 31 October 2022, your application will still be processed.
What are the home ownership schemes?
There are a number of different home ownership schemes that can help first time buyers to buy their own home. However, each scheme has a different name and helps people in different ways so it can be confusing. We have listed some of the main help to buy schemes that are still available as well as those that have ended.
Help to Buy: Equity Loan Scheme
The Help to Buy: Equity Loan scheme was a government incentive designed to help those purchasing property with a first time buyer mortgage.
The scheme allowed first time buyers to take out an equity loan to cover from 5% and up to 20% of the property purchase price of a newly built home (up to 40% if the property is in London).
You can no longer apply for a Help to Buy: Equity Loan in England however, If you applied by 6pm on 31 October 2022, your application will still be processed.
What about a Help to Buy: ISA?
A 'Help to Buy: ISA' is a savings account that includes a government bonus on the money saved, if it is used towards buying a first home. They're no longer open to new applications.
However, if you have an existing NatWest Help to Buy: ISA, you can manage it here.
You may however be able to utilise a 'Lifetime ISA'. These savings accounts are still available, and offer a similar bonus benefit to Help to Buy: ISAs. These aren't accounts we currently offer at NatWest.
Learn more about lifetime ISAs on the Gov.uk website
Mortgage Guarantee Scheme
- The UK government mortgage guarantee scheme was launched in April 2021.
- The scheme provided support for banking institutions to offer 91% - 95% LTV mortgages.
- Mortgages issued under the scheme were backed by the UK Government. This meant, if you were unable to pay back what you borrow, the UK Government would financially support the lender to help mitigate any losses.
NatWest is no longer taking part in the UK Government Mortgage Guarantee scheme
Although we're no longer part of the scheme, we are still offering 95% mortgages.
If you're wanting to purchase a new-build home, we require a deposit that is between 15% and 25% of the purchase price of the property.