You’re not alone if you feel overwhelmed trying to find the right grant for yourself or your business/organization. When considering grants, these programs can be broadly categorized as those awarded by the government and those awarded by private/non-profit organizations. Within these two categories are a variety of funding sources and program types.
On this page, we have gathered a list of available grants for first homeowners in the UK.
List of Grants for First Home Owners:
1- Lifetime ISA – Individual Savings Account
While the “Help to Buy” scheme has ended, you still can apply for the lifetime ISA scheme and receive 25% bonus on your savings. You can start putting up to £4,000 a year into your ISA, and HMRC will add a 25% bonus on top of it, maxed at £1,000.
Opportunity status: Open
Funders: Government/HMRC
Requirements: Limited to first-time buyers, which means you can’t own or have owned, a home inside or outside of the UK. You must make the first payment before you turn 40. Must wait at least 12 months after making your first payment.
Funding type: ISA
Total fund: N/A
Maximum award: 25% bonus on your savings
Opening date: N/A
Closing date: N/A
Grant Application Page: https://www.gov.uk/lifetime-isa
HMRC Contact Page: https://www.livechatdirectory.co.uk/hmrc-online-chat-online-chat-with-hmrc/
2- Help to Buy ISA
If you fit the requirements listed below and you’re aged between 18 and 39, you can start putting up to £200 per month into your ISA, and HMRC will add a 25% bonus on top of it, maxed at £3,000.
Opportunity status: Closed to new applicants – Existing users will get payouts until the end of Nov 2030.
Funders: Government/HMRC
Requirements: Property must not be more than £450,000 (London) and £250,000 outside of London. limited to first-time buyers, which means you can’t own or have owned, a home inside or outside of the UK. You must make the first payment before you turn 40.
Funding type: ISA
Total fund: N/A
Maximum award: 25% bonus on your savings
Opening date: N/A
Closing date: Closed
List of Loans for First Home Owners:
1- Help to Buy: Equity Loan
If you’re buying a newly built home as a first-time buyer, you might be eligible for a “help to buy” equity loan. This loan is available to all citizens of England, Scotland, and Wales who have never owned property inside and outside of the UK. You will not pay any interest for the first 5 years.
Opportunity status: Open – Will end soon on the 31st of October 2022
Funders: Government/HMRC Requirements: First-time buyers, must be 18 or over, and must be able to pay interests
Funding type: Equity Loan
Total fund: N/A
Maximum award: from 5% up to 40% of property value
Opening date: N/A
Closing date: 31st of October 2022
Grant Application Page: https://www.gov.uk/help-to-buy-equity-loan
2- Shared Ownership Loan
N/A