Quick Eligibility Summary
Here is a snapshot of who qualifies for each scheme. Detailed criteria follow below.
- First Homes: First-time buyers, income under £80k (£90k London), property under £250k after discount (£420k London)
- Shared Ownership: Income under £80k (£90k London), first-time buyers or those who cannot afford to buy outright
- Lifetime ISA: Aged 18–39 to open, first-time buyers, property under £450k
- Mortgage Guarantee Scheme: Any buyer, property under £600k, repayment mortgage only
- Own New Rate: Any buyer, participating developments only
- Deposit Unlock: Any buyer, participating developments only
- Help to Buy Wales: Any buyer, new build in Wales under £300k
First Homes Eligibility
Buyer Requirements
- You must be a first-time buyer — you have never owned a property anywhere in the world
- Your household income must be below £80,000 per year (£90,000 in London). This is combined income for joint purchases.
- You must be purchasing the home as your only and main residence — you cannot let it out
- You must be a UK national or have indefinite leave to remain
Property Requirements
- Must be a new build property
- The price after discount must be no more than £250,000 (£420,000 in London)
- Must be purchased with a mortgage of at least 50% of the discounted price
Local Connection Tests
Local councils can add their own eligibility criteria on top of the national rules. Common additions include:
- Priority for people who live or work in the local area
- Priority for key workers (NHS, teachers, police, military)
- Lower income caps or specific property types
Check with the developer or your local council for area-specific requirements.
Shared Ownership Eligibility
Buyer Requirements
- Household income under £80,000 (£90,000 in London)
- You must be one of the following: a first-time buyer, a previous homeowner who cannot afford to buy on the open market, or an existing shared owner looking to move
- You must not currently own another property at the time of purchase
- Must pass mortgage affordability checks from a lender approved for shared ownership
Property Requirements
- The property must be offered through a registered housing association
- Available on both new builds and resale shared ownership properties
- No national property price cap, but individual housing associations may set limits
How the Application Process Works
Shared Ownership applications are typically made through the housing association or via the Help to Buy agent for your region. You will need to provide proof of income, identification, bank statements, and sometimes a credit check before being approved to proceed with a purchase.
The process can take longer than a standard purchase because of the additional approvals involved.
Lifetime ISA Eligibility
Who Can Open One
- Must be aged 18 to 39 at the time you open the account
- Must be a UK resident
- You can continue contributing until you turn 50
Using It for a Property Purchase
- Must be a first-time buyer — you have never owned a property before
- The property must cost £450,000 or less
- Must be purchased with a mortgage (not a cash purchase)
- Must be your main residence
- The LISA must have been open for at least 12 months before you can use the funds — so open one early, even if you only deposit £1
Key Restrictions
If you withdraw LISA funds for anything other than buying your first home or at retirement (age 60), you will face a 25% withdrawal penalty. This effectively means you lose the government bonus plus 6.25% of your own savings. It is designed to discourage using the LISA as a general savings account.
Both partners in a joint purchase can each have their own LISA, effectively doubling the government bonus.
Mortgage Guarantee Scheme Eligibility
Buyer Requirements
- Open to any buyer — not restricted to first-time buyers
- Must meet the lender's standard mortgage affordability criteria
- Must be taking out a repayment mortgage (not interest-only)
Property Requirements
- Property must be worth £600,000 or less
- Must be a residential property (not buy-to-let)
- Available on new builds and existing properties
How to Access It
You do not apply for this scheme directly. Instead, your lender uses it behind the scenes to offer you a 95% LTV mortgage. Participating lenders include most major high street banks. Ask your mortgage broker which lenders are currently participating.
Own New Rate Eligibility
Buyer Requirements
- Open to first-time buyers and home movers
- Must meet the participating lender's standard affordability criteria
Property Requirements
- Must be a new build property from a participating developer
- Only available on selected developments — not universally available
How to Check Availability
Ask the developer's sales team specifically whether Own New Rate is available on their development. Not all developers participate, and not all plots on a participating development may be eligible.
Deposit Unlock Eligibility
Buyer Requirements
- Open to first-time buyers and home movers
- Must meet the lender's standard affordability criteria
- Minimum 5% deposit required
Property Requirements
- Must be a new build from a developer participating in the Deposit Unlock scheme
- The developer must have arranged insurance-backed indemnity with the lender
Like Own New Rate, this is not universally available. Check with the developer whether the scheme is offered on the specific plot you are interested in.
Help to Buy Wales Eligibility
Buyer Requirements
- Open to all buyers — not restricted to first-time buyers
- Must pass mortgage affordability checks
- Must be purchasing the property as your main residence
Property Requirements
- Must be a new build property in Wales
- Maximum property price: £300,000
- Must be purchased from a registered Help to Buy Wales developer
Note: Help to Buy Wales availability may change. Check the Welsh Government website for current application status and deadlines.
What If I Do Not Qualify for Any Scheme?
If your income is above the thresholds, you are not a first-time buyer, or the property you want exceeds price caps, you may not qualify for any government scheme. However, you can still benefit from:
- Developer incentives: Stamp duty contributions, legal fees paid, flooring packages, and kitchen upgrades are not government schemes and have no income or buyer status restrictions. See our incentives guide.
- Negotiation: Developers have built-in incentive budgets. You may be able to negotiate a better deal directly. See our negotiation guide.
- Mortgage Guarantee Scheme: This has no income cap and is open to any buyer on properties up to £600,000.
- Own New Rate / Deposit Unlock: These have no income cap and are open to home movers.
Can I Use Multiple Schemes Together?
Some combinations are allowed:
- Lifetime ISA + Shared Ownership: Yes — you can use your LISA savings toward the deposit on a shared ownership property
- Lifetime ISA + First Homes: Yes — as long as the discounted price is under £450,000
- Mortgage Guarantee Scheme + developer incentives: Yes — the scheme applies to the mortgage product, not the incentive structure
- First Homes + developer incentives: Possibly limited — First Homes properties already have a discount applied, so additional incentives from the developer are less common
- Shared Ownership + Own New Rate: Unlikely — Shared Ownership uses specific mortgage products from approved lenders that may not overlap with Own New Rate participating lenders
For more detail on combining schemes with developer incentives, see our combining schemes guide.
Frequently Asked Questions
Does "first-time buyer" include someone who owned a property abroad?
Generally yes — if you have ever owned a residential property anywhere in the world, you are not considered a first-time buyer under most UK scheme definitions. However, some schemes and lenders may have nuanced rules. Confirm with the scheme administrator.
I owned a property but sold it years ago. Am I a first-time buyer?
No. For most schemes (First Homes, LISA), you must never have owned a property. Shared Ownership is an exception — it is open to previous homeowners who can no longer afford to buy on the open market.
Can I buy with a partner who is not a first-time buyer?
For schemes restricted to first-time buyers (First Homes, LISA), both partners must be first-time buyers. If one partner has previously owned a property, you will not qualify for these schemes as a joint purchase.
Is there a maximum age limit for any scheme?
The Lifetime ISA must be opened before age 40. Most other schemes have no upper age limit, though your mortgage lender may have age-related lending criteria (many lenders require the mortgage to be repaid by age 70–75).
Do these schemes apply to new builds only?
First Homes, Own New Rate, Deposit Unlock, and Help to Buy Wales are new build only. Shared Ownership and the Lifetime ISA can be used on both new builds and existing properties. The Mortgage Guarantee Scheme applies to all residential properties.