Spring into Savings: Government schemes and mortgage tips for first-time buyers.

As the days get longer and the weather warms up, spring is not just the season for flowers in bloom —it's also a prime time for first-time buyers to make their move onto the property ladder. With government schemes designed to lend a helping hand and smart mortgage strategies to maximise your budget, there’s no better moment to turn your homeownership dreams into reality.

Here’s your essential guide some of to the UK Government schemes available this spring and top mortgage tips to help you get started.

Government schemes you should know about

First Homes Scheme

This scheme offers newly built homes to first-time buyers at a discount of 30% to 50% compared to the market price. The best part? The discount stays with the property when it's sold on, helping future first-time buyers too.

Eligibility:

Must be a first-time buyer
Household income must be less than £80,000 (£90,000 in London)
Local authorities may apply priority for key workers or local residents

Lifetime ISA (LISA)

The LISA is a savings account with a generous 25% bonus from the government. It is available to individuals aged 18-39, you can put away up to £4,000 a year, and the government will add up to £1,000 annually. The funds can be used towards buying your first home or for retirement.

Tip: You must have the LISA open for at least 12 months before using it to buy a home, so start early!

Mortgage Guarantee Scheme

Available until June 2025, this scheme encourages lenders to offer 95% loan-to-value (LTV) mortgages. This means you only need a 5% deposit—ideal if saving up a large deposit is a hurdle.

Shared ownership

Buy a share of a property (between 10% and 75%) and pay rent on the remaining portion. Over time, you can buy more shares in a process called “staircasing”.

Great for: Buyers struggling to afford a home on the open market in expensive areas.

Stamp duty relief for first-time buyers

As well as the various schemes we’ve covered, first-time buyers also benefit from Stamp Duty relief (a tax paid when purchasing property or land in the UK).

Currently, first-time buyers in England and Northern Ireland pay no Stamp Duty on homes up to £300,000. For purchases between £300,000 and £500,000, a 5% SDLT rate will apply on the amount above £300,000. The maximum property price eligible for first-time buyer relief is currently £500,000.

Mortgage tips for first-time buyers

Know your budget

Before you fall in love with a property, know what you can realistically afford. Use online mortgage calculators and speak to mortgage advisors who can help assess your affordability based on income, expenses, and deposit size, and guide you through the home buying process.

Get a mortgage Agreement in Principle (AIP)

An AIP shows sellers you’re a serious buyer and gives you a clearer idea of what you can borrow. Most estate agents will ask for this before accepting offers.

Don’t just look at rates—consider fees

A low interest rate is tempting, but some mortgages come with hefty arrangement fees. Always compare the total cost over the initial deal period (usually 2–5 years). This is where the value of a mortgage adviser can help you find the most suitable rate to meet your needs.

Improve your credit score

Your credit history plays a major role in getting the best mortgage deals. To boost your score:

Pay bills on time
Register on the electoral roll
Avoid taking on new credit before applying

Consider Fixed vs. Tracker mortgages

A fixed-rate mortgage gives you peace of mind with predictable payments. A tracker mortgage, which follows the Bank of England base rate, can offer savings when rates are low—but comes with more risk.

Final thoughts

Buying your first home is one of the biggest financial decisions you’ll make, but with the right support and knowledge, it doesn’t have to be overwhelming. Spring is a time for fresh starts—so take advantage of government schemes, do your homework on mortgage options, and get ready to step into your new front door.

Speak to a mortgage adviser or financial planner who specialises in first-time buyers. Their guidance can be invaluable in navigating your options.

Although every effort has been made to ensure that the information provided in this article is accurate and correct, the information provided does not constitute any form of financial advice. We recommend that you take financial advice before making any financial decisions.