First time buyer schemes
What is a first time buyer?
A first time buyer is someone who is buying their first home, having never owned a residential property before.
One advantage of being a first time home buyer in England is having access to government-backed buying schemes and other housing initiatives, which could help you onto the property ladder.
On Share to Buy, you can find more information about all the schemes available to help you buy your first home.
Homeownership schemes for first time buyers
Buying your first house or apartment is a huge life milestone, though it can be challenging in the current economic climate and housing market. But there is help available. The following housing schemes can help you, as a first time buyer, achieve your homeownership dreams.
First Homes
Not to be confused with first time buyer schemes, which refer to all the various initiatives available, First Homes is a dedicated government-backed scheme in England to help first time buyers purchase a new-build home at a discounted price.
If you’re an eligible buyer, you can typically get 30% to 50% off the property’s full market value. After the discount, homes cannot cost more than £250,000, or £420,000 in London.
Find out more about the First Homes scheme.
Shared Ownership
Shared Ownership is one of the most well-known first time buyer schemes. It’s designed to make it easier to step onto the property ladder by enabling eligible buyers to purchase a share between 10% and 75% of a home while paying rent to a housing association on the remainder.
The deposit needed to buy a Shared Ownership home is based on the share value you’re purchasing, so the deposit can be lower than if you were buying on the open market.
Visit our Shared Ownership hub to learn more about this scheme.
Deposit Unlock
Mortgage lenders often require a 15% to 25% deposit for newly built homes, but Deposit Unlock lets you purchase a new-build home with just a 5% deposit. Launched by the Home Builders Federation (HBF), the scheme is open to first time buyers, as well as previous and existing homeowners, who meet the eligibility criteria.
Learn more about the Deposit Unlock scheme.
Discount Full Ownership
Provided by innovative housebuilder Pocket Living, Discount Full Ownership is a scheme for first time buyers in London. Designed for middle-income households, it enables you to purchase 100% of a new-build home at 20% less than local market prices.
Discover more about Discount Full Ownership.
Discount Market Sale
Discount Market Sale is a housing scheme offering first time buyers a discount – usually around 20% – off the price of a new-build home. It’s available to eligible buyers whose income does not exceed 45% of the Discount Market Sale price of the property.
Read our guide on Discount Market Sale for more information.
Additional help for first time buyers
Lifetime ISA
The Lifetime ISA is a savings account designed for buying your first home or saving for later in life. You can save up to £4,000 per tax year and receive a 25% bonus from the government, boosting your savings by up to £1,000 annually.
Various banks and platforms offer Lifetime ISAs for first time buyers, including our savings partner, Tembo. Your Cash Lifetime ISA with Tembo will benefit from a market-leading interest rate of 4.6% AER (variable), boosting your savings alongside the government bonus.
Stamp Duty relief for first time buyers
As a first time buyer, you can get Stamp Duty Land Tax (SDLT) relief on your home purchase, depending on the price. You’ll pay no SDLT on the first £300,000 of a property worth up to £500,000. This threshold for first time buyers came into effect on April 1st, 2025. Read our blog on SDLT rates for further information.
First time buyer FAQs
Am I eligible for first time buyer schemes?
Each first time buyer scheme has specific eligibility criteria. You can find more information on each initiative’s conditions by visiting the relevant page from our buying scheme hub.
Are first time buyer schemes available on all homes?
Share to Buy is the home of buying and renting schemes designed to help you onto the property ladder. Use our nationwide property portal to find homes for sale through the various schemes in your area.
How do I get a mortgage as a first time buyer?
You can apply for a mortgage directly with your choice of lender or get expert help from a financial advisor. We recommend speaking to a specialist mortgage broker who can help you find the best mortgage for buying your first home.
Visit our mortgage hub for more resources and information.