As a first time buyer, navigating your journey into homeownership can seem daunting. The good news is the path is well-travelled and you will find plenty of support along the way. Debbie Clark takes a closer look at some of the schemes currently available, to help you choose the right route to reach your desired destination.
Shared Ownership
Backed by the Government, Shared Ownership is a scheme to help buyers purchase a share (between 10% and 75%) of a new build or resale property, while paying subsidised rent on the remaining portion. You take out a mortgage to buy your share and will also need to pay a deposit, usually between 5% and 10% of the share you’re buying. All Shared Ownership homes (houses and flats) are leasehold properties, and you will usually also pay monthly ground rent and service charges. In time, you can buy more shares in your home, known as “staircasing”. The amount of rent you pay is based on the landlord’s share, so as you buy more shares, you’ll pay less rent.
First time buyers can buy a home through Shared Ownership if both of the following are true:
Your household income is £80,000 a year or less (£90,000 in London)
You cannot afford all of the deposit and mortgage payments for a home that meets your needs.
Also, one of the following must also be true:
- You’re a first time buyer
- You used to own a home but cannot afford to buy one now
- You’re forming a new household – for example, after a relationship breakdown
- You’re an existing shared owner, and you want to move
- You own a home and want to move but cannot afford a new home that meets your needs.
For some homes you may also need to live in, work in, or have a connection to the area you want to buy the home.
London Living Rent
London Living Rent is a Government-backed scheme, offered by the Mayor of London, providing intermediate affordable housing in the capital.
Designed for middle-income households who want to build up savings to eventually buy a home through Shared Ownership, London Living Rent is only available to those who live in London, do not already own another home, and have a maximum household income of £75,000.
The scheme provides high-quality properties on stable tenancies of a minimum of three years (these can be extended to a maximum of 10 years), with below-market value rents, based on a third of local household incomes. Landlords are expected to encourage their tenants into homeownership by supporting them to save a deposit and providing them with the option to buy their home on a Shared Ownership basis during their tenancy. London Living Rent tenants are also given extra priority for other Shared Ownership homes in London.
Rent to Buy
Another Government housing scheme, Rent to Buy is designed to help buyers save for a deposit while renting at reduced cost on an Intermediate Rent basis, typically lasting up to five years. Available across England (excluding London), Rent to Buy provides middle-income earners with the opportunity to live in a high-quality new home typically set at 80% of the local market rate, with a fixed rate of inflation. The scheme, primarily aimed at first time buyers, has eligibility criteria stipulating that applicants must be part of a working household and have a good credit history. Individual housing associations may also have their own criteria.
A savings plan will be put in place to help tenants raise a sufficient deposit to purchase the home, or another property, in the future. Tenants are able to make an offer to buy the property on a Shared Ownership basis at any time, assuming they are still eligible for the scheme. The housing provider will also offer tenants regular progress reviews, and the savings period can also be extended if a bit more time is needed.
First Homes
The First Homes discount scheme is a Government-backed initiative to help first time buyers purchase a home for less than the market price. Available to local residents and key workers, ensuring that people who already live in the area benefit from the scheme, discounted properties are offered with a discount of at least 30% to 50% of the property’s market value.
First Homes is offered on newly built homes from developers and pre-owned properties previously bought through the scheme, with every home sold, including houses and apartments, valued by an independent surveyor to make sure the reduction is based on actual market value. Homes cannot cost more than £250,000 (£420,000 in London) after the discount has been applied.
To qualify, buyers must meet specific criteria, including income and residency requirements, and properties can only be sold at the same discount percentage, maintaining affordability for future buyers.
Deposit Unlock
Deposit Unlock is a scheme devised by the housebuilding industry, in collaboration with mortgage lenders, enabling buyers to purchase a new build home with just a 5% deposit. Available on a wide range of UK new build properties, up to £833,250, it is a solution offered to give more people the opportunity to buy their own home, and own 100% of the property.
Buyers benefit from an insurance-backed guarantee, allowing them to access competitive mortgages rates from participating bank lenders. There are currently only a few mortgage providers that will offer mortgages to people buying through the Deposit Unlock scheme and first time buyers should speak to an independent financial adviser.
So far, 2026 is treating first time buyers well – lenders are offering competitive mortgages again, Government schemes are plentiful, and developers have added incentives to help seal the deal. Whatever path you choose to homeownership, sharetobuy.com is a great place to start. Check what schemes you are eligible for and look to see which developments are offering them.
Finally, if you have seen a development you like, be proactive. Make an appointment to see the sales team and register your interest, even if you aren’t 100% sure you have saved enough of a deposit! Talk to an independent financial adviser who will be able to tell you what you can afford – it may be better than you expect. Worst case, you still have some saving to do but have a better understanding of what is needed and the timescales involved. Close, but not quite there? Don’t be afraid to make an offer on the advertised price – they can only say no!
HOMES AVAILABLE on the market
THEALE, READING Herons Lake
From £124,000 Based on a 40% share of the full market value of £310,000
Abri Homes is offering this collection of 48 modern two, three and four bedroom homes within a stunning waterfront development in the village of Theale. All homes benefit from plenty of natural light and have a parking space included. With Reading just a 15-minute drive away and parks and waterside walks on the doorstep, Herons Lake brings a perfect balance of village calm and city connections.
abrihomes.co.uk/properties/heronslake
0800 145 6663
MILTON, OXFORDSHIRE
The Canopies From £404,000
Greencore Homes is offering a collection of 42 homes set within a landscape-led development. Surrounded by mature trees and natural greenery, the homes include one, two, three and four bedroom houses and apartments. With 27 homes currently available for private sale, there are additional purchase options, including Shared Ownership and First Homes to be released later in the year. As an award-winning sustainable housebuilder, Greencore Homes has designed these properties as Better Than Net Zero, with a strong focus on promoting low carbon living and healthy environments.
greencorehomes.co.uk/our-homes/the-canopies
01865 110 044
DARWEN, LANCASHIRE
Tower Gardens
Elan Homes is offering two, three and four bedroom homes at Tower Gardens, with a 5% deposit boost available on selected properties. With a range of plots and property styles available, the development – conveniently located between Darwen and Blackburn – has broad appeal. Lower Darwen Primary School is close by, making it an ideal base for raising a family, and there are plenty of opportunities to explore the outdoors nearby, including Bold Venture Park and Jubilee Tower, which inspired the development name.
elan-homes.co.uk/developments/tower-gardens
0845 528 0789
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
