Help to Buy vs Shared Ownership in Surrey | First-Time Buyer Advice
Help to Buy vs Shared Ownership in Surrey
Buying your first home in Surrey can feel overwhelming — especially when deciding between Help to Buy and Shared Ownership. If you’re unsure which route is best for you, this guide will help break it down in plain English. These options are popular across Reigate, Redhill, and beyond.
What Is Help to Buy in Surrey?
Help to Buy is a government-backed scheme designed to help first-time buyers get onto the property ladder. It allows you to buy a new-build home with just a 5% deposit, and the government lends you up to 20% (or 40% in London), making it easier to get a mortgage. In Surrey towns like Reigate and Redhill, this can make a big difference.
What Is Shared Ownership?
Shared Ownership allows you to purchase a percentage of a property — usually between 25% and 75% — and pay rent on the remaining share. Over time, you can “staircase” your ownership up to 100%. This can be a useful option if your budget is tight or your income is variable.
Help to Buy vs Shared Ownership: Key Differences
- Deposit Size: Help to Buy requires a 5% deposit of the full price; Shared Ownership requires a deposit on your share only.
- Location Availability: In places like Redhill and Reigate, Shared Ownership homes are often more readily available than Help to Buy new-builds.
- Long-Term Costs: With Help to Buy, you repay an equity loan; with Shared Ownership, you pay rent until you own 100%.
Which Is Better for First-Time Buyers in Surrey?
It depends on your income, deposit, and long-term goals. If you prefer a new-build and can afford the repayments, Help to Buy in Surrey may be the better option. If affordability is your priority, Shared Ownership offers flexibility.
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