Using Help to Buy as a Second Time Buyer

Find out if its possible to use Help to Buy twice and if there are alternatives available with the help of a mortgage broker

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Home Help To Buy Mortgages Using Help To Buy As A Second Time Buyer
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Updated: May 14, 2024

*UPDATE 02/11/2022: The deadline to apply for a Help to Buy: Equity Loan has passed. Whether you applied on time and now need a mortgage, or missed out and check out or guide to find out what other government schemes are available.

If you’ve already used a Help to Buy mortgage scheme, you might be wondering if you can use one again and apply twice now that you’ll be a second-time buyer.

This guide explains all the details about whether you can get Help to Buy (HTB) twice. We’ll also highlight some potential alternatives for second-time buyers who’ve already used the Help to Buy scheme, and finally, we’ll explain where to get expert support as you apply for another mortgage.

Keep reading for all the details or click on a link below to jump straight to a section…

Can you use the Help to Buy equity loan scheme twice?

Unfortunately not. The government equity loan scheme underwent some recent changes to focus purely on helping first-time buyers get on the property ladder. It used to be the case that if you had repaid a previous Help to Buy (HTB) equity loan, you could apply again if you were purchasing a new primary residence. But that’s no longer the case.

If you’ve already bought a home using Help to Buy support, after 2021, it’s not possible to get Help to Buy twice with most of the variations. But, there can still be creative mortgage options to explore if you’re planning to move or buy a second property.

Why second-time buyers cannot use the scheme

If you’re a second-time buyer that made use of a Help to Buy scheme for your first home, you can still buy a second property or move elsewhere. However, you can’t apply for Help to Buy twice if you already had this support applied to your first home purchase. Also, if you haven’t paid off your HTB equity loan, you would need to do so if you sell it.

The design of these schemes is to assist people onto the property ladder. This is why the only current exception for using Help to Buy twice is if you had to leave a previous shared ownership home due to affordability reasons.

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Different types of HTB schemes

It’s also important to be aware of the different types of HTB schemes so that you have an understanding of which one you used. The rules for these can change and sometimes each version will be treated differently when it comes to a Help to Buy second-time buyer.

Here are the most relevant recent HTB schemes available:

  • Help to Buy equity loan – now only open to first-time buyers and for purchasing the only home you own and live in.
  • Shared ownership – for first-time homeowners only, or if you were no longer able to afford a previous home you might be able to apply for Help to Buy twice with shared ownership.
  • Forces Help to Buy Scheme (FHTB) – open until the end of December 2022.
  • Specific mortgage products – for example, mortgages aimed at customers with small deposits.
  • Help to Buy ISA – closed to new applicants.

How a broker can help with Help to Buy for second-time buyers

The rules around government Help to Buy schemes and specific products to assist buyers can change and alter on a frequent basis. Your exact situation and the type of support you used will also dictate what options you have instead of using a Help to Buy scheme as a second-time buyer.

Speaking with an experienced mortgage broker knowledgeable on all the latest details and rules with lenders and government schemes is the best way to get the most accurate and up-to-date advice.

If you’d like to be put in touch with an expert mortgage broker who knows all of the Help to Buy rules for second-time buyers inside and out, just make an enquiry. We’ll introduce you to a skilled advisor for free.

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Alternatives for second-time buyers

If you happen to have made use of a previous scheme or support, instead of hoping and failing to get Help to Buy twice, here are some alternative options worth discussing with your broker:

  • Joint mortgages: it can be possible with joint mortgages for one of the applicants to use a Help to Buy scheme, providing they’re a first time buyer (FTB), even if the other applicant already owns property. Any bonus or support usually only applies to the FTB, but it could still give your overall situation a boost.
  • Guarantor mortgages: this can allow you to overcome certain obstacles when getting a mortgage by using a parent or family member as a guarantor. Guarantor mortgages could be useful if you’re a second-time buyer and cannot get Help to Buy twice.
  • Joint Borrower Sole Proprietor (JBSP): with this type of mortgage, multiple people can make payments on the debt, even with just one applicant owning and living at the property. Joint Borrower Sole Proprietor (JBSP) mortgages can be very useful for those on a lower income or if you’re in a couple and one of you has already made use of first-time buyer supports like a Help to Buy scheme.
  • New mortgage products: there are some specific loans and products available that you may still qualify for. For example, there are options such as ‘Deposit Unlock’, ‘Deposit Boost’, ‘Home Reach’, and ‘Way Home’ to assist buyers. Each mortgage product will have its own rules and criteria, so it’s best to get your broker to walk you through the possibilities.

Speak with a Help to Buy expert

If you were hoping to get Help to Buy twice, it’s worth discussing your current options and looking at what support you can still apply for with the guidance of an expert mortgage broker.

The brokers we work with have plenty of experience arranging competitive mortgages for second-time buyers and applicants who’ve previously used some sort of Help to Buy scheme.

Just call 0808 189 2301 or make an enquiry. We’ll set up a free, no obligation chat between you and your ideal Help to Buy mortgage broker today.

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FAQs

It depends on the exact rules of the Help to Buy scheme you’re looking to use. For example, with a HTB ISA, one applicant can still qualify for a bonus. However, it’s worth speaking to an expert mortgage broker to see what your options are and the best course of action if you already own property.

With certain Help to Buy schemes like the equity loan, the deal isn’t portable. You’d need to pay back your loan when you sell the house. You should be able to port your mortgage, but not the portion that came from the equity loan. It’s worth speaking to an expert for some advice based on your personal circumstances before you make any moves.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

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Pete Mugleston

Mortgage Advisor, MD

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