Changes to Help To Buy: Equity Loan
The Help to Buy: Equity Loan was a Government scheme for first-time buyers first introduced in 2013. The scheme allowed first-time buyers to buy a new build home with a deposit of just 5% and would loan the prospective homeowner up to 20% (40% in London) of the full purchase price, interest-free for the first 5 years.
Help to Buy closed for new applications in October 2022 and officially ended in March 2023, with the gap between dates aimed to give purchasers with an existing application time to complete their buying process.
Although Help to Buy is no longer available to first-time buyers, there are a number of other alternative home-buying schemes available including Shared Ownership and London Living Rent.
Use our guide to see which home-buying product is right for you.
Shared Ownership - Alternative to Help to Buy
A great alternative to Help to Buy is Shared Ownership, a government-backed part-buy, part-rent scheme that gives buyers the opportunity to purchase a percentage share of a home.
Shared Ownership allows you to purchase a share of between 25–75% of a home and pay a below-market rent on the remaining share.
When the time is right for you, you’ll be able to purchase additional shares (known as staircasing) all the way up to 100%.
As you are only buying a share of the home, the deposit you need for your mortgage can be a lot smaller than buying on the open market making it easier for first-time buyers.

London Living Rent - Alternative to Help to Buy
London Living Rent is a government-backed scheme that enables Londoners to rent a home at a discounted rate comparable to renting privately, with the saving made each month going towards buying a home through Shared Ownership.
The aim of London Living Rent is to support middle-income buyers to get onto the property ladder and purchase their own homes. It’s designed to allow renters to save at their own pace over a period of years, as properties under London Living Rent guarantee tenants an assured shorthold tenancy of a minimum of three years and a maximum of ten.


"We really wanted to stay in London and buying through Shared Ownership was the best way to make this happen. Everyone at Peabody New Homes was so helpful and very efficient, guiding us through each stage of the processes. From my initial phone call, they managed to book me an appointment for the following week. I was so impressed with the quality of the homes here."