The Help to Buy: Equity Loan scheme is coming to an end

The Help to Buy: Equity Loan scheme is closed to new applications. Your Help to Buy reservation and purchase must be legally complete by 31st March 2023.

Help to Buy

Help to Buy is a government backed mortgage scheme which helps first time buyers purchase a home with as little as 5% deposit. 

You will still need to take out a mortgage on the remainder of the property price, but because the loan counts towards your deposit you may be able to take out a mortgage where you might otherwise struggle.

The Help to Buy: Equity Loan scheme closed to new applications at 6pm on 31st October 2022. There is still the Mortgage Guarantee scheme and Shared Ownership options available.

For full information about the schemes, please visit

Help to Buy: Mortgage Guarantee scheme

Announced in the March 2021 budget, the Mortgage Guarantee Scheme offers the chance for first time buyers, as well as existing homeowners, to obtain a mortgage loan of 95% of the value of a property, provided they can raise a deposit for the remaining 5%.

As it’s a high amount, lenders are being incentivised by the government (through a guarantee system that compensates them for a portion of their losses in the event of foreclosure) to encourage them to make the funds available to borrow.  

It applies to any property under the value of £600,000, a new build or an older property, and is not restricted to first time buyers as some schemes are.

Help to Buy: Shared Ownership

If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay a monthly rent on the remaining share. 

You could buy a home through Help to Buy: Shared Ownership in England if:

  • your household earns £80,000 a year or less outside London, or your household earns £90,000 a year or less in London
  • you are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move.

You’ll need to take out a mortgage to pay for your share of the home’s purchase price, or fund this through your savings. On the share you do not purchase, you will pay rent of 2.75% of the unsold value, this will be paid monthly via direct debit. You can purchase more shares in the future until you own the whole property and stop paying rent altogether.

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Embrace Financial Services usually charges a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £499 to £999 and this will be discussed and agreed with you at the earliest opportunity.