With the Help to Buy scheme now ended, you may be looking for other options to buy your first home. We boost our average buyer's budget by £82,000 - so if you need a helping hand onto the ladder, try Tembo. We specialise in boosting buyer's budgets, so you can buy sooner.
The government's Help to Buy scheme closed for new applications on the 31st October 2022, and ended for all customers on the 31st March 2023. If you haven’t already had an application approved, this means you won’t be eligible for the Help to Buy scheme now as it is no longer available.
Keep reading to see what Help to Buy alternatives are out there, or create a free Tembo plan for a personalised mortgage recommendation.
The good news is, there are lots of Help to Buy alternatives that can help you buy. At Tembo, we specialise in budget boosting schemes to help home buyers get on the ladder sooner. Create a free plan with us to see which schemes you're eligible for.
Also known as a Joint Borrower Sole Proprietor (JBSP) mortgage, an Income Boost is a way of adding some or all of a family member or friend's income to a mortgage to increase the buyer's max borrowing.
If you have a home-owning loved one whose willing to help, a Deposit Boost might be for you. Through a small mortgage, they'll unlock money from their home which is gifted to you to boost your house fund, helping you buy sooner or afford a bigger property.
A family member will put a percentage of the property’s value (usually 10%) into a designated savings account with your mortgage lender to offset the mortgage, so you don't have to put down a deposit yourself. As long as you make the repayments each month, your loved one will get their money back after a set period.
Like a Deposit Boost, a Deposit Loan lets you increase your deposit with help of a loved one. But instead of them gifting you the money, they give it in exchange for a share in your property.
Like a regular Income Boost, a Dynamic Income Boost lets you add some or all of a family member’s income to your mortgage application to increase your budget. But your helper will also be able to get a share of your property by contributing towards the mortgage payments.
Use your track record of paying rent each month in lieu of a deposit to get a 100% mortgage. So you can stop renting, and start building up equity in your a home of your own.
Like the Help to Buy scheme, Deposit Unlock lets you buy a new build home with a 5% deposit. If you buy a home through this scheme, your house builder will insure the mortgage. This gives lenders the confidence to offer 95% mortgages, which allows you to buy with a smaller deposit.
A professional mortgage lets you borrow up to 5.5 or even 6.5 times your salary for a mortgage, plus the minimum deposit required is only 5% if you’re purchasing a pre-owned property. To qualify, you’ll need to have a ‘professional’ job such as a doctor, nurse, vet, lawyer and accountant.
If you earn over £37,000 as a solo applicant or £55,000 as a couple, you could qualify to borrow up to 5.5x your household income. Plus, this scheme has a minimum deposit requirement of 5% - so you can enhance your borrowing and get on the ladder with a small deposit saved up.
If you’re in the British Army, Royal Navy, or Royal Air Force, you could boost your budget with an interest-free loan from the government. The Armed Forces Help to Buy scheme lets you borrow 50% of your annual salary, up to a maximum of £25,000, which can be used towards your house deposit.
Dynamic Ownership lets you buy a home with up to five others and track your individual contributions through a home agreement. It’s ideal if you have friends or siblings who’d also like to buy a house - by clubbing together, you can increase your mortgage affordability to buy a bigger or better home.
Buy a share of the property through Shared Ownership between 10-75% of the home’s full market value, then pay rent on the rest to a housing association, local council or private provider. Over time, you can buy more equity in the home to staircase up to full ownership
4 simple steps to getting the keys to your new home
Check your eligibility for a range of budget boosting mortgage schemes, and get a personalised recommendation with interest rates and repayments in under 10-minutes.
Book a free call with our experts to complete the qualification process, and we’ll cover off any questions you might have about any of the budget boosting schemes we advise on.
Once you’ve found a property, your dedicated advisor will undertake full affordability checks to prepare the mortgage application. Then we’ll submit it on your behalf!
During conveyancing, we’ll liaise with the seller and your solicitors to ensure a smooth purchase. We’ll also provide a free protection review for your insurance needs.