As a first-time buyer, getting onto the property ladder can seem impossible, especially if you’re trying to put away money for a deposit whilst renting. The good news is that there are a few schemes that the British Government has put into place to make buying your first home a little easier. An example of this is the Help to Buy Equity Loan.
The Help to Buy Equity Loan was initially set up to help people get onto the property ladder and buy their first home, although it’s currently open to all homeowners who are looking to move. It’s only available on new build properties in England, and the new home must be your main residence and only property. Similar schemes are available in Wales and Scotland but are subject to slightly different rules.