[box type="success" align="left"]\ud83d\udce2 <strong>*UPDATE 06\/04\/2021:<\/strong> The Help to Buy scheme has now entered its third phase (2021-23) and a few of the rules around it have been altered. Some of the information in this article may be subject to change but you can <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/help-to-buy-mortgages\/#phase-three">read up on the latest update to the equity loan scheme here<\/a> \ud83c\udfe0[\/box]\r\n\r\nOne of the most popular ways of getting financial assistance for a deposit is through the various initiatives that have together become known as \u2018Help to Buy (HTB)\u2019. If you\u2019re looking to get on the property ladder, it may well be worth finding out if you could boost your deposit using one of these schemes, but how much do you know about the rules surrounding HTB?\r\n\r\nYou might be wondering for example if it\u2019s possible to use Help to Buy twice or more. How does it work if you want a joint mortgage?\u00a0 And are you able to take advantage of it if you\u2019re not a first-time buyer?\r\n\r\nThe answers to all these questions will depend on which Help to Buy initiative you\u2019ve used, along with several other factors. Read on to find out more.\r\n<ul>\r\n \t<li><a href="#help-to-buy-twice">Can you use Help to Buy twice?<\/a>\r\n<ul>\r\n \t<li><a href="#equity-loan">Using a H2B equity loan twice<\/a><\/li>\r\n \t<li><a href="#isa">Using a H2B ISA twice<\/a><\/li>\r\n \t<li><a href="#shared-ownership">Using Shared Ownership twice<\/a><\/li>\r\n<\/ul>\r\n<\/li>\r\n \t<li><a href="#help-to-buy-eligibility">What factors influence eligibility for Help to Buy? <\/a><\/li>\r\n \t<li><a href="#happens-next">What happens next?<\/a><\/li>\r\n \t<li><a href="#speak-to-expert">Speak to a Help to Buy expert<\/a><\/li>\r\n<\/ul>\r\n<h2 id="help-to-buy-twice">Can I use the same Help to Buy scheme twice?<\/h2>\r\nFirst, it\u2019s important to establish exactly what you mean by the term \u2018Help to Buy\u2019.\r\n\r\nSince the original government Help to Buy mortgage guarantee was discontinued in 2016, the term \u2018Help to Buy\u2019 has been used as an umbrella term to refer to a range of <a href="#different">different products and initiatives<\/a>. So before you can answer this question meaningfully, you\u2019ll first need to know which type of Help to Buy scheme you used, or are planning to use in future.\r\n<p id="different">The main routes to purchasing a property with Help to Buy are as follows:<\/p>\r\n\r\n<ul>\r\n \t<li>Help to Buy ISA<\/li>\r\n \t<li>Help to Buy equity loan<\/li>\r\n \t<li>Shared ownership<\/li>\r\n \t<li>Certain mortgage products tailored towards those who need help raising their deposit<\/li>\r\n<\/ul>\r\nFor more information on the different Help to Buy options, take a look at our guide to <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/help-to-buy-mortgages\/">Help to Buy mortgages<\/a> which goes into a bit more detail on the options listed above.\r\n<h3>Help to Buy equity loan requirements<\/h3>\r\nThe Help to Buy equity loan is available to both first-time buyers and existing homeowners who are looking to move house. However, current homeowners will need to have a sale in place on their current property before they can apply.\r\n\r\nYou are also permitted to apply if you\u2019ve owned and sold a property previously. You\u2019ll also need to be aware that as of 2021 the help to buy equity loan scheme will only be available for first-time buyers.\r\n<h3 id="equity-loan">Can you use the Help to Buy equity loan scheme twice?<\/h3>\r\nYes, as long as your previous Help to Buy equity loan has been settled, you are permitted to apply to use the scheme again to fund a subsequent purchase. Again, don\u2019t forget that the scheme is being closed to applicants who are not first-time buyers in 2021, so you\u2019ll need to act fast.\r\n<h3>Can you use the Help to Buy equity loan for a joint mortgage?<\/h3>\r\nThe Help to Buy equity loan can be used to take out a joint mortgage in the right circumstances, and it\u2019s ideal for couples looking to buy their first home together. However, it cannot be used in cases where one of the buyers already owns property.\r\n<h3>Can you remortgage a Help to Buy property?<\/h3>\r\nYes, and many customers choose to do this in the hope of landing a better deal. Depending on the age of the equity loan, it will remain in place when you refinance while the mortgage itself is switched to the new product.\r\n\r\nYou can read more about this in our guide to <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/remortgages\/help-to-buy-remortgage\/">Help to Buy remortgages<\/a>.\r\n<h3>Help to Buy ISA requirements<\/h3>\r\n*UPDATE: The Help to Buy: ISA scheme is now closed to new applicants. For more information, <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/help-to-buy-isas\/help-to-buy-isa-deadline\/">read our guide<\/a>.\r\n\r\nTo quality for a Help to Buy ISA, you must be classified as a first-time buyer; you are not eligible if you currently own or have owned a property in the past.\r\n<h3 id="isa">Can you use a Help to Buy ISA more than once?<\/h3>\r\nYou cannot have more than one HTB ISA as an individual, but buyers who are making a joint purchase are permitted to hold one each.\r\n<h3>Can you use a Help to Buy ISA for a joint mortgage?<\/h3>\r\nIf you\u2019re making a joint purchase with another first-time buyer, you can both open a Help to Buy ISA to put towards your purchase. This means you could potentially save up to \u00a3400 a month and double the government bonus.\r\n\r\nIf one partner already owns property, then the other party is permitted to open a HTB ISA and claim the maximum bonus as an individual. This can still be put towards a joint mortgage, but only the first-time buyer will be eligible for the bonus.\r\n<h3>Shared Ownership eligibility requirements<\/h3>\r\nTo qualify for the Shared Ownership scheme you must meet the following criteria\u2026\r\n<ul>\r\n \t<li>First-time homeowner or have owned a home previously but can no longer afford it<\/li>\r\n \t<li>Combined income of under \u00a380,000 if you live outside of London or less than \u00a390,000 if you live in the capital<\/li>\r\n \t<li>The property you\u2019re buying must be your primary residence<\/li>\r\n \t<li>A permanent UK resident<\/li>\r\n \t<li>18 years old or older<\/li>\r\n<\/ul>\r\n<h3 id="shared-ownership">Can you use Shared Ownership twice or more?<\/h3>\r\nAlthough Shared Ownership is generally aimed at first-time homeowners, you could theoretically use the scheme again if you\u2019ve bought shares in a property before but had to relinquish them on affordability grounds.\r\n\r\nAs long as you meet the housing association\u2019s criteria and the scheme\u2019s eligibility requirements, there is no reason why you couldn\u2019t use Shared Ownership again if you bought a property through the initiative in the past but no longer own a stake in it.\r\n<h3>How does Shared Ownership work with a joint mortgage?<\/h3>\r\nShared Ownership works with <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-application\/joint-mortgages-in-the-uk\/">joint mortgages<\/a> as the lease can either be in sole or joint names. If one person was to pass away, it passes over to the other owner.\r\n\r\nThe person you\u2019re getting a joint Shared Ownership mortgage with doesn\u2019t have to be a spouse, either. It\u2019s even possible to get a joint Shared Ownership mortgage with a friend as long as your combined household income is under \u00a390,000 in London or \u00a380,000 outside of the capital.\r\n<h2 id="help-to-buy-eligibility">What other factors affect my Help to Buy eligibility?<\/h2>\r\n<h3>Property type<\/h3>\r\nYou are not eligible for either the equity loan or Help to Buy ISA if you intend to use it for a b<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/buy-to-let-mortgages\/">uy to let (BTL)<\/a> investment, nor can you sublet the property or, in the case of the equity loan, enter a part exchange deal on your previous home.\r\n\r\nThe HTB equity loan is limited to new builds only, although there is no restriction on the size of the property you purchase. The HTB ISA can be used on any property type, provided you\u2019re buying with a mortgage and not cash.\r\n<h3>Property value<\/h3>\r\nWhile the Help to Buy equity loan has no restrictions on the size of the property you\u2019re purchasing, it must not exceed the value of \u00a3600,000.\r\n\r\nThe HTB ISA is only available on properties valued at \u00a3250,000 or less, or \u00a3450,000 in London.\r\n<h3>Large deposits<\/h3>\r\nIf you have more than 5% deposit saved you can still take advantage of Help to Buy to maximise your deposit contribution. It\u2019s possible to have up to 65% deposit saved, but you must use a minimum of 10% Help to Buy equity loan and 25% mortgage to be eligible.\r\n<h3>Speak to a Help to Buy expert today<\/h3>\r\nUsing Help to Buy, whether that\u2019s the equity loan, ISA or Shared Ownership scheme, more than once, isn\u2019t always straightforward, so it\u2019s important to get the right advice before pressing ahead with your application.\r\n\r\nA whole-of-market broker, like the ones we work with, can take the stress out of your application by guiding you through the process and offering expert advice along the way. What\u2019s more, speaking to them could save you time, money and potential disappointment as they will introduce you to the Help to Buy mortgage lender who\u2019s best positioned to help you.\r\n\r\nCall 0808 189 2301 or <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-help-to-buy-specialist">make an enquiry<\/a> to arrange a free, no-obligation chat with one of them today.