Before exploring government-backed schemes, it’s always worth checking whether you’re eligible for a standard mortgage first.
If you already have a deposit — even a small one — you may be able to access competitive mortgage products without needing additional support. If not, government schemes can provide alternative routes into home ownership.
Do you have a 5% deposit?
If you’ve managed to save a deposit of around 5%, you may be eligible for a 95% mortgage.
In recent years, many lenders have reintroduced 95% mortgage products for first-time buyers, meaning a government-backed mortgage guarantee may not always be necessary.
That said, some buyers may still benefit from government support schemes depending on lender criteria, income, or property type.
Help to Buy ISA
If you’re still saving for your deposit, the Help to Buy ISA can provide a useful boost.
- The government adds a 25% bonus to your savings
- The bonus is capped, but can significantly increase your deposit
- The funds must be used towards buying your first home
This scheme can be particularly helpful for buyers who are close to reaching the minimum deposit required for a mortgage.
No deposit? Co-Ownership could be an option
If saving a deposit has proven difficult, the Co-Ownership scheme may offer an alternative route into home ownership.
Co-Ownership allows you to buy a share of a property — typically between 50% and 90% — while paying rent on the remaining share.
How Co-Ownership works
You take out a mortgage on the share you own and pay rent on the remaining portion. Over time, you can increase your ownership share as your finances improve.
Why it’s popular in Northern Ireland
Co-Ownership has helped thousands of buyers in Northern Ireland purchase a home when a full mortgage wasn’t immediately affordable.
Eligibility is assessed based on income, household circumstances, and property price limits.
Want to learn more? You can read our full guide to Co-Ownership in Northern Ireland for a more detailed explanation.
Right to Buy mortgage scheme
If you’re a housing association or Housing Executive tenant, the Right to Buy scheme may allow you to purchase your home at a discounted price.
In many cases, tenants who have lived in the property for five years or more may be eligible, subject to scheme rules and qualifying criteria.
- The discount can significantly reduce the purchase price
- This may lower the deposit required
- Mortgage affordability still applies
Each case is assessed individually, and not all properties qualify.
If you’re considering Right to Buy, it’s important to understand both the benefits and the long-term responsibilities of owning the property.
Getting the right advice matters
Government schemes can be extremely helpful, but they aren’t suitable for everyone. Eligibility rules, lender criteria, and long-term costs vary depending on the route you choose.
Speaking with a mortgage adviser can help you understand which options are realistically available to you — and whether a standard mortgage, government-backed scheme, or alternative route makes the most sense for your situation.