Help to Buy Is Gone — What Schemes Are Actually Available for First-Time Buyers in 2026?

So, Help to Buy Has Gone — Now What?

If you've been saving up, dreaming of your first front door, and someone just told you Help to Buy has closed, I completely understand the sinking feeling. It was the big one — the scheme that helped over 350,000 people onto the property ladder with just a 5% deposit. But here's the thing: it's not the end of the road. There are still real, government-backed schemes out there in 2026, and some of them are genuinely brilliant. You just need to know where to look. That's where I come in — Terry the Turtle, your slow-and-steady guide to all things money.

Let's work through what's actually on the table right now, in plain English, no jargon, no waffle.

The Schemes That Are Actually Available in 2026

The Mortgage Guarantee Scheme is probably the closest thing to Help to Buy that still exists. It lets you buy a home with just a 5% deposit, with the government promising to cover part of the lender's loss if you can't repay. This makes lenders much more willing to offer you a mortgage. It applies to properties up to £600,000, and importantly — unlike Help to Buy — it works on existing homes, not just new builds. The scheme has been extended and remains available to first-time buyers and home movers alike.

Shared Ownership is another strong option that often gets overlooked. Rather than buying 100% of a property, you buy a share — usually between 10% and 75% — and pay rent on the rest to a housing association. Over time, you can buy more shares in a process called "staircasing" until you own the whole thing. It's a great way to get a smaller mortgage and a lower deposit, particularly in expensive areas like London or the South East. Just make sure you read the lease carefully and budget for service charges.

The Lifetime ISA (LISA) isn't a mortgage scheme, but it's one of the most powerful tools a first-time buyer has. You can save up to £4,000 a year into a LISA, and the government tops it up by 25% — that's a free £1,000 a year. The money can be used towards your first home purchase on properties up to £450,000. If you're under 40 and haven't opened one yet, do it today. Seriously, stop reading and go open one. I'll wait.

First Homes is a newer scheme where certain new-build properties are sold to first-time buyers at a discount of at least 30% below market value. The discount stays with the property when you sell, so it's designed to keep homes affordable for future buyers too. Availability varies by area and developer, so it's worth asking your local council or checking with new-build developers near you.

Some councils also offer their own local authority mortgage schemes or affordable housing initiatives, so it's always worth a quick call to your council's housing department to ask what's available where you live.

What Should You Actually Do First?

The biggest mistake first-time buyers make is spending months saving and dreaming before speaking to a mortgage adviser. Talk to an adviser early. They can tell you exactly how much you can borrow, which schemes you qualify for, and what your realistic options look like right now — not in theory, but for your actual income and situation.

Also get your finances in good shape before you apply. Check your credit report (use free tools like Experian or Credit Karma), clear any small debts if you can, and make sure you're on the electoral roll. These things genuinely make a difference to the rates you'll be offered.

And don't forget your deposit is only part of the upfront cost. Budget for solicitor fees, survey costs, and Stamp Duty (though first-time buyers get relief on properties up to £425,000, so check whether that applies to you).

The path to your first home in 2026 might look a bit different than it did a few years ago, but it's absolutely still there. You just need the right guide — and a bit of turtle-paced patience.

Terry's Top Tips

• Open a Lifetime ISA immediately if you're under 40 — the 25% government bonus is free money you shouldn't leave on the table.
• Don't fixate on new builds — the Mortgage Guarantee Scheme works on existing properties too, giving you far more choice.
• Speak to a mortgage adviser before you start house hunting — knowing your budget upfront saves heartbreak later.
• Check local authority schemes in your area — some councils offer additional help that never makes the national headlines.
• Get your credit report sorted now — even small improvements can unlock better mortgage rates and save you thousands over the long run.

Ready to find your best mortgage deal? Get a free quote from an FCA-authorised adviser at TrueSaver — no obligation, takes 2 minutes. Visit truesaver.co.uk/mortgage