Search volume for "Help to Buy" in England still runs at roughly 20,000 searches a month, and industry research has found close to a third of British buyers believe the scheme is still available there. It isn't. The Help to Buy: Equity Loan scheme closed to new applications in England in October 2022, with the final completions deadline passing in March 2023. If you're planning around it, it's worth knowing exactly what's actually still on the table.
What Help to Buy Actually Was
The equity loan scheme let first-time buyers of new-build homes put down a 5% deposit, take a repayment mortgage for at least 25% of the price, and borrow the remaining portion — up to 20% outside London, up to 40% inside it — as an interest-free government loan for the first five years. From year six, interest kicked in at 1.75%, rising annually by CPI plus 2%.
Where It Stands by Nation, Right Now
England: Closed. No new applications since October 2022; no completions since March 2023. If you already hold a Help to Buy equity loan from before then, it continues under its original terms — this doesn't affect existing borrowers, only new applicants.
Scotland: Closed, since February 2021.
Wales: Still open — Help to Buy – Wales is scheduled to run until September 2026, with its own separate rules: new-build homes up to £300,000, from a scheme-registered builder, minimum EPC rating of B.
Northern Ireland: Never had an equivalent scheme, though other affordable home ownership programs exist there.
What Actually Replaced It in England
Four routes now cover the gap Help to Buy used to fill for first-time buyers:
- Shared Ownership — buy a share of a property (typically 10-75%), pay rent on the remainder, with the option to "staircase" up to greater ownership over time.
- Mortgage Guarantee Scheme — not a buyer-facing product; the government backs lenders offering 95% loan-to-value mortgages, which simply means more 5%-deposit mortgage products exist on the open market.
- First Homes — discounted new-build homes (commonly 30-50% below market value) for local first-time buyers in specific developments, with the discount passed on to future buyers too.
- Lifetime ISA (LISA) — a government bonus of 25% on savings put toward a first home, up to £3,000 total bonus on £12,000 saved.
Scheme Comparison Side by Side
| Scheme | Status in England | What It Does |
|---|---|---|
| Help to Buy Equity Loan | Closed (Oct 2022 / Mar 2023) | N/A for new buyers |
| Shared Ownership | Open | Buy a share, rent the rest |
| Mortgage Guarantee Scheme | Open (made permanent) | Supports 95% LTV mortgage availability |
| First Homes | Open, area-dependent | 30-50% discount on specific new-builds |
| Lifetime ISA | Open | 25% government bonus on deposit savings |
Most first-time buyers now end up combining two of these — commonly a LISA for deposit savings, paired with either a Mortgage Guarantee Scheme mortgage or Shared Ownership, depending on which one actually solves their specific gap.
Common Mistakes
Buyers frequently start their search assuming Help to Buy funding will supplement their deposit in England, then discover partway through the process that it isn't available at all — worth confirming this before budgeting around it, not after.
Buyers also confuse the Mortgage Guarantee Scheme with a scheme they apply for directly — there's no separate application; it simply means more 95% LTV mortgage products exist because the government is backing lender risk behind the scenes.
A third mistake: assuming Shared Ownership works like renting with no downside — staircasing up to full ownership involves its own valuation and legal costs each time, and rent is still due on the unowned share throughout.
Where This Article Has Limits
Scheme availability and terms change with government policy, and the Welsh scheme specifically has a stated end date (September 2026) that could be extended, shortened, or replaced — confirm current status directly with Homes England or the relevant devolved government before relying on any of this for a live purchase.
Frequently Asked Questions
Is Help to Buy really closed in England?
Yes — closed to new applications since October 2022, with final completions in March 2023. Existing loans from before then continue under their original terms.
Can I still use Help to Buy in Wales?
Yes, currently, until the scheme's scheduled end in September 2026 — subject to its own separate eligibility rules.
What's the closest replacement to the old equity loan scheme?
There isn't a direct one-for-one replacement — Shared Ownership is the closest in spirit (reducing what you need to borrow), but it works structurally differently from an equity loan.
Does the Mortgage Guarantee Scheme cost me anything as a buyer?
No — it's a behind-the-scenes government guarantee to lenders, not a fee or program you apply for or pay into directly.
If I have an existing Help to Buy loan, does anything about it change?
No — existing loans from before the October 2022 closure continue exactly as originally agreed; only new applications are affected.
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Educational content, not financial advice. Scheme availability, eligibility, and end dates are set by government policy and can change — confirm current status directly with Homes England (England), the Welsh Government (Wales), or a licensed mortgage adviser before relying on any scheme for a purchase. Written by the MortgagePro Global team.