Getting on the property ladder isn’t always easy, especially if you’re trying to save a deposit while renting in Manchester. That said, there are several government-backed schemes that could help you take your first step towards owning a home.

Many first time buyers are still unaware that they may qualify for support. Here’s a clear look at the main options available right now.

Right to Buy

If you’re living in a council or housing association property, the Right to Buy scheme could allow you to purchase your home at a discounted price. The size of the discount depends on how long you’ve been a tenant, the type of property, and its value.

In many cases, the discount you receive can be used in place of a deposit, which means you may not need to save separately before applying for a mortgage.

You’ll need to apply to your local authority to check your eligibility and request an offer. If you’re approved, you’ll receive a valuation and a breakdown of the discount available to you. This gives you a clearer picture of the amount you’ll need to borrow.

If you’re thinking about using Right to Buy in Manchester, we can help you understand what you might be able to borrow and what steps to take next.

Shared Ownership

Shared Ownership allows you to buy a share of a property and pay rent on the remaining portion. You’ll take out a mortgage on your share and pay rent to a housing association or local authority on the part you do not yet own.

You can usually buy between 25% and 75% of the home to start with. Over time, you may have the option to buy more shares, which is known as staircasing.

The property will be leasehold, which means ground rent and service charges may also apply. Shared Ownership is available on new builds and some resale homes, and there are also specialist options for people with long-term disabilities.

Forces Help to Buy

For members of the UK armed forces, the Forces Help to Buy scheme offers an interest-free loan of up to £25,000. This can be used towards a deposit, legal fees or other moving costs.

The loan is repaid through your monthly salary and is designed to make it easier for serving personnel to get onto the property ladder. You must meet specific service conditions to apply, but many have found it a useful way to secure their first home.

Lifetime ISA (LISA)

The Lifetime ISA in Manchester allows you to save towards your first home with a 25% government bonus. You can save up to £4,000 a year, and the government adds up to £1,000 annually.

The savings can be used towards a first property valued up to £450,000. To qualify, you must be aged between 18 and 39 when opening the account and must hold it for at least 12 months before buying.

If you’re planning ahead, a LISA can be a helpful way to grow your deposit while saving tax-free.

Mortgage Guarantee Scheme

The Mortgage Guarantee Scheme in Manchester allows buyers to secure a mortgage with a deposit as low as 5%. The government provides a guarantee to the lender, making them more confident in offering 95% loan-to-value mortgages.

This scheme is available for first time buyers and home movers purchasing a property up to £600,000, provided it is used as your main home.

A wide range of lenders take part in the scheme, so it can open up more options if you have a smaller deposit saved.

First Homes Scheme

The First Homes Scheme is designed to help local first time buyers and key workers buy a new build home at a discounted price. Eligible properties are sold at a discount of at least 30% compared to the market value.

Some councils apply larger discounts of up to 40% or even 50%, depending on local housing needs. This discount applies to both the initial buyer and any future resale, helping to keep the property affordable for other local buyers.

To qualify, you must be buying your first home, meet income and price limits, and the property must be your main residence.

Speak to a Mortgage Advisor in Manchester

If you’re a first time buyer in Manchester or looking to move home and want to explore which schemes could work for you, our team is here to help. We’ll explain what each scheme involves, check your eligibility, and match you with the most suitable lenders.

We’re often able to arrange your Agreement in Principle within 24 hours of your first appointment, giving you a head start when it comes to viewing homes and making offers.

Getting mortgage-ready doesn’t have to be complicated. Our mortgage advisors in Manchester will guide you through each step, from initial checks to completion.

Date Last Edited: June 18, 2025