Government Schemes

Generally, you cannot combine most government schemes (like using Shared Ownership with First Homes). However, there are exceptions. For example, the Forces Help to Buy scheme can sometimes be used alongside other home ownership schemes. Additionally, you can use the savings bonus from a Lifetime ISA (LISA) as your deposit for almost any of these schemes, including Shared Ownership and First Homes.

Selling usually comes with specific restrictions.

• Shared Ownership: You typically must give your housing provider the option to buy back your share first (a process known as "pre-emption").

• First Homes Scheme: You must sell the home to another eligible buyer (e.g., a first-time buyer or key worker) and pass on the same percentage discount you received (e.g., 30%).

• Right to Buy: If you sell within the first five years, you will usually have to repay some or all of the discount you received.

While government schemes themselves (like Shared Ownership or Right to Buy) do not strictly rule out bad credit, you still need to qualify for a mortgage for the share you are purchasing. Since these schemes often involve specialist lenders, there are options for applicants with adverse credit, but rates may be higher and criteria stricter.

In most cases, no. Government schemes are designed to help people buy a home to live in, not for investment purposes. Subletting is typically prohibited unless you have exceptional circumstances (like a temporary job relocation) and receive written permission from your housing provider or lender.

Yes. While many schemes target first-time buyers, several are open to home movers:

• Shared Ownership is available to those who used to own a home but can no longer afford one.

• Deposit Unlock and Own New are non-government developer schemes open to both first-time buyers and home movers.

• Right to Buy is based on your tenancy history, not whether you have owned a home before (though you cannot currently own another property).