Saving schemes to help you buy a new build in 2023

Key Takeaways

When is Help to Buy ending?

The Help to Buy scheme was designed to help first-time buyers across the UK to get on the property ladder. This scheme is now closed to new applicants, with the deadline passing on 31 October 2022. Homes had to be ready for move-in day by 31 December, and all purchases must be legally complete by 31 March 2023.

Alternative house-saving schemes

While they’re not like for like, there are various alternatives to Help to Buy.

Click here to explore our offers or learn more about the house-buying schemes that could help you secure a brand-new home below.

 

1. Deposit Unlock

Developed with the housebuilding industry, the Deposit Unlock scheme provides customers with competitively priced mortgages up to £750,000.

Available to first-time buyers and existing homeowners, the scheme could help you secure a selected brand-new home with just a 5% deposit.

 

2. Deposit Boost

Got a 10% deposit? With our house-buying scheme, Deposit Boost, you could be eligible to top it up by 5%. This could allow you to secure a more competitive mortgage rate, buy a brand-new Barratt home with just an 85% mortgage, and borrow less while you’re at it.

Once you’ve found a Barratt home that suits you, speak to a Sales Adviser from the development, and they’ll let you know if Deposit Boost is available. They can also put you in touch with a New Homes Mortgage Adviser, who can advise on selecting the right mortgage.

 

3. Home Reach

We’ve partnered with heylo housing on Home Reach, a government-backed Shared Ownership scheme that enables you to purchase a share of a brand-new home on selected developments and pay a manageable monthly rent towards the rest. Over time, you can increase your share to 100% ownership. 

To qualify for Home Reach, you must be a first-time buyer, current shared owner, or former homeowner without the means to buy outright. You’ll need a minimum deposit of 5% of a 50% share value, and your annual household income must be £80,000 or less – you’ll also need to pass a financial assessment.

 

4. First Homes

Available on selected developments, First Homes is a new Government-backed scheme that helps local first-time buyers and key workers buy brand-new homes in England at a 30% discount, up to a value of £250,000 (£420,000 in London) after the discount is applied. In some areas, the discount could reach 50%. 

To benefit from the scheme, your household income must not exceed £80,000 (£90,000 in London). A First Home should be your sole home, and you’ll need a home purchase plan or mortgage to cover at least 50% of the property’s value.

 

5. Shared Ownership

Shared Ownership is a government-backed scheme that allows you to purchase a share of a home worth between 10% and 75% of its market price, paying rent on the remaining share. In the future, you can increase your share and reduce your rent. 

You can apply for Shared Ownership through your local council. To qualify, you must either be a first-time buyer, an existing shared owner, or a previous homeowner without the means to buy outright. Your household income must not exceed £80,000 annually (£90,000 in London).

Start your house-buying journey with Barratt Homes

Ready to make your move? Take a look at some of our brand-new homes that could be yours in 2023, along with our useful house-buying guide.