A first-time buyers guide to the Save to Buy scheme

A first-time buyers guide to the Save to Buy scheme

If saving for a mortgage deposit for your first home seems like a distant fantasy, do not despair. If you qualify for the new Save to Buy scheme, your dreams of home ownership could soon become a reality.

First-time buyers could qualify for the new Save to Buy scheme, allowing them to move into a new home and pay a fixed ‘rental’ cost for up to two years, which is put aside to save for a mortgage on the property. The scheme has launched in London, with plans for more UK sites in 2023.

At Bliss Financial, our purpose is to make buying a home a blissful experience, even if you are struggling to save for a deposit. The Save to Buy scheme offers a real lifeline to save first-time buyers from the vicious rental cycle, and we’d be happy to help you find out more.

If you would like friendly, impartial advice on mortgage schemes available to you, then please get in touch for an informal chat.

What is the Save to Buy Scheme?

Essentially, the Save to Buy scheme is a way for first-time buyers to make monthly payments into a savings account instead of to a landlord. It’s an amazing opportunity to get a foot on the property ladder without having to save up front for a house deposit.

When was the Save to Buy scheme launched?

The Save to Buy scheme was launched on 16th January 2023 by property developer Fairview and is available at two of its new build sites. The two sites are in London, but there are plans to introduce it to other locations later in 2023.

Who can qualify for Save to Buy?

To qualify for the Save to Buy scheme, you must be:

  • a first-time buyer
  • in full-time employment, and
  • the property must be your main residence

You must have already saved the minimum deposit, which is 1% of the property value. You will also need a financial expert to confirm your affordability and credit score, i.e. your ability to make the monthly payments.

How does the Save to Buy scheme work?

The scheme is designed to help those that otherwise would not be able to afford a deposit to buy their own home. The scheme works by allowing you to move into the property and pay rent at a fixed cost for between 6 months and 2 years.

These rental payments will be used towards the deposit to purchase the property in due course. The rental payments are set aside until such a time the deposit is big enough to allow for a mortgage to be applied for. Once legally completed, the buyer then owns their home.

Does the interest rate affect the monthly deposit payments?

According to Fairview, the fixed monthly payments are based on

“the area’s average monthly rent and buyer’s personal finances”

Therefore, the interest rate does not have an impact.

Will inflation affect the price of the house when I come to pay the mortgage?

Inflation can have an impact on property prices. Once the purchase price of the property is agreed upon and you exchange contracts, you are legally bound to buy the property at that price. When it comes to applying for your mortgage, inflation may have an impact on the interest rates available at the time of application.

Is there a monthly cap on how much you can repay?

Although payments are set at a fixed monthly cost, you have the option to contribute more to your deposit pot to allow you to complete sooner.

Frequently asked questions about Save to Buy

This initiative offers a great opportunity for those who are looking for another route to home ownership. Check out our FAQs here:

Can I switch schemes if I haven’t bought a house yet?

If you have not exchanged contracts on a property purchase, then you are not legally committed to the scheme.

Is the Save to Buy scheme replacing another first-time buyer scheme?

Unlike the Help to Buy scheme, the Save to Buy scheme is not a government initiative; it has been launched by a property developer. But it is widely seen as a worthy replacement and has the same goal, i.e. to help those who could otherwise not afford to own a home.

What is the difference between Help to Buy and Save to Buy?

Under the Help to Buy scheme, the government had an equity share in the property, and the buyer took an equity loan with a set repayment date. The Save to Buy scheme, once legally completed, provides the buyer with 100% ownership of the property.

Can couples who are first-time buyers use this scheme?

Yes, couples who are first-time buyers can use the scheme, and it should be seen as a great way to get your foot on the property ladder.

Get started on the property ladder with Bliss Financial mortgage brokers

Here at Bliss Financial, we are well versed in helping first-time buyers to work through their personal finances and move towards their dream property purchase. We compare thousands of home loan products to find the best options for your needs, and we’ll guide you through the sometimes complicated mortgage application process. We’ll be there by your side so you can focus on finding your dream home.

For a friendly consultation, please get in touch.

Be prepared as a first-time buyer armed with questions for you mortgage broker, check out our tips here:

Picture of Amanda Marsden
Amanda Marsden

Amanda is the founder and owner of Bliss Financial. She has been helping clients with their mortgage and insurance needs for over 15 years. Her passion is to fully explore the options open to them and ensures the process is easy with no stress. She also specialises in helping clients invest in buy to let property and landlords.

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Selected from a number online because they stated that they have experience working with people from the military. This was essential given how moving on assignment often can be a negative for many banks when it comes to lending. Amanda was excellent and the process was swift and easy. We had planned to visit face to face but the process was just as high quality over zoom and phone.
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Amanda is great, everything was explained clearly and always responsive to queries, would highly recommend.
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This is my second time remortgaging through Bliss and Amanda. The service provided has made my life stress free and Amanda was thorough with her research into what deal and term would be best for me based on economic uncertainty and where I am atthis point of my life.I'd not use any other mortgage broker ✨
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Amanda was extremely knowledgeable and helpful from minute one. I am very grateful to her for diligently working within a fairly tight timeframe to identify and provide me with the right product.Her communication throughout was prompt and well-received. I look forward to using her services again.
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Excellent service. Fully deserving of 5 stars. Nothing to fault. Great communication and everything went through in time with no issues. Would highly recommend Amanda Marsden.
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Amanda was absolutely brilliant from start to finish. She helped us secure our forever home mortgageWould 100% recommend for anyone needing financial services of any kind!
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Absolutely perfect service from start to finish, no stress, no hassle can’t recommend enough. Thankyou
sarah W.
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We have used Amanda for many years. She knows exactly what she is talking about and offers the best advice. I cant recommend Amanda enough if you're thinking of getting a mortgage or going through a Re-Mortgage. She reassured us throughout the whole process and was in touch every step of the way. Thank you Amanda, here's to many more years.
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Amanda was amazingly helpful and made the whole process hassle free. Even when I changed my mind a few times nothing was a problem and the end result was exactly what I was looking for. I would highly recommend Amanda and the team
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We used Amanda a few years ago for our first mortgage. She was an absolute hero for us. She sat us down and explained everything thoroughly putting all out worries at ease as first time buyers. We had issues with our chain which meant our mortgage offer lapsed and Amanda was there every step of the way right through to the day we moved in. Due to remortgage in the next year or so and I will always go back to Amanda.
Anya K.
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Amanda was absolutely brilliant from start to finish. She helped me secure my first mortgage and also helped with organising the best deals on life and home insurance for my house. Would 100% recommend for anyone needing financial services of any kind!
Nathan C.
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We specifically selected Bliss as financial advisors for our mortgage, as we'd read great reviews from other first time buyers. Amanda was so welcoming and helpful, introducing us to the whole process. We actually went to her thinking we were fish out of water, and wanting to but not expecting to but for a few years, just wanting to get our heads around it. However everything felt easy, quick and well explained and we were accepted for a within approx 2 months of starting our search. Amanda has been amazing throughout the entire process - even personalising the way she presented documents to us to suit our styles (me, needing to talk everything out and my partner more graphs and charts!). Evening appointments were organised to work around our work schedules. She was in constant communication with all stakeholders, chasing things up for us and since moving, also supporting with insurances. I'd highly recommend Bliss, and specifically Amanda for any financial advisory services however particularly first time buyers, as no question feels like a silly question. For future purchases, selling, and any other financial services - we will definitely return to Bliss.
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Great service. Professional, friendly and efficient. Amanda did a great job in advising me and then finding and securing the best mortgage to suit my situation
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Absolutely amazing service, couldn't have received any better. Very friendly and quick at replying to all enquiries. Very understanding of our circumstances which were difficult but still got us everything we needed for our new house. Thank you again Amanda, will be recommended you to everyone who needs a mortgage broker ☺️
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Amanda helped us to secure our first mortgage. She was on hand for support all the way through the process and very helpful in explaining things in a more simple way to help us to understand. She kept in contact with us regularly throughout the process and really made us feel at ease. We cannot thank Amanda enough for her support and help.
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I came across Bliss financial solutions by google search when desperately trying to find a mortgage advisor who could do the impossible (secure a DiP quickly, that met my difficult short term self employment circumstances).Amanda from Bliss has been a pleasure to work with. The perfect balance of professional and friendly, incredibly organised and certainly not deterred by a challenge. I’m really grateful for the time and effort she put into my case to allow me to secure the house I wanted within the mandated timeframe. Thank you so much Amanda and Bliss for allowing us to get our new home 💜
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I just want to say how amazing Amanda at Bliss financial is!!. My partner and I were looking at buying a shared ownership prooerty and everything started happening very quickly ... but Amanda just took over from the start and literally kept me at ease the whole way . Herprofessionalism throughout was second to none and helped with every aspect of the process. Thanks to Amanda we now have the most beautiful home and we will be forever grateful for everything she has done for us. I would 100% recommend Bliss Financial.
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We have been in our new house for nearly 2 months now all thanks to Bliss Financial Solutions, Amy was amazing sorting our new mortgage out and talking us through everything we needed to know. Very smooth process with good communications. Thank you very much. 🙂
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We have recently used Amy at Bliss to help us get a mortgage. After having a stressful time at high street banks and other mortgage brokers, we contacted Amy for help. Amy was absolutely excellent and the work she does is outstanding. Amy went above and beyond and managed to find us a mortgage in a matter of days. Throughout the whole process Amy kept us up to date and managed the mortgage application seamlessly despite a stressful time with other companies. I would like to express my many thanks to Amy and the team at Bliss for being so excellent and thanks to them we now have the keys to our new home.
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My experience with Bliss Financial was excellent, everyone went above and beyond. Provided the best advice and more. Our mortgage was sort with out any stress. I will continue recommending to friends a family looking for mortgage advice.
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First class customer service, highly recommend Bliss Financial Solutions LTD to anyone that values a professional, efficient and personal approach. Being first time buyer my partner and I had very limited knowledge around mortgages and all things connected. Amanda and her team went above and beyond to ensure we understood everything and provided advice when we had any questions with immediate response. Bliss financial limited we thank-you kindly for making the whole mortgage process so easy, you took all the strain off us especially need due to the birth of our daughter 3 weeks ago you made the mortgage process easy and hassle free. I will definitely be a customer for life and if there is anyway I can share your company’s profile on social media please let me know as I would love to recommend your service to others.Many thanks Melissa Hodgson, Andrew and Eloise - three very happy customers 😊
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We used Bliss to re morgage our property. Amy was absolutely fantastic, made everything feel really easy, she was clear in all her explanations, open and honest with setting expectations, and really knowledgeable. The whole process was really smooth. We also discussed life insurance which was something of a priority giving we had just had a little boy recently. Amazing service. Would highly recommend. We will definitely be using again for any future mortgage or insurance needs.
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Excellent service, they really came to the rescue after being messed about by our current lender, amazing absolutely amazing. Just wish we went to them sooner would have saved a big headache 😃
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Bliss Financials was a vital part of my journey to home ownership in the UK. They always gave personalized yet professional advice and were always accessible and responsive all through the process. They were very thorough, transparent and client centered; offered and discussed all the available options to enable me make an informed choice. I would totally and wholeheartedly recommend their services and I am very grateful to Amy who handled most of the process as well as Amanda and Sophie. Great team/firm!
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I would like to praise the excellent service of the Bliss Financial Solutions LTD.I have a brilliant experience with this company. I was buying a house for the first time and Bliss Financial advised me on every step of the process (mortgage, insurance), offering me suitable options that I could choose from. I always got great offers and still was in control.All members of the team (Amy, Sophie, Amanda) are brilliant, very professional, friendly and responsive.I am very grateful to Amy (my consultant) as she did help me very much throughout the process, nothing was a problem,I received responses straight away and she also prompted other parties to act swiftly (lender, insurance companies, solicitor, etc.).If I need mortgage or insurance in future, I will definitely ask Bliss Financial for help again.
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I am now on my second mortgage which was arranged using Bliss. What an outstanding service. From start to finish the Bliss team were great in answering queries that I had. They even pushed to get me an extension to my offer seeing me secure a great rate before the recent rises. This certainly helped me secure my dream home. I would recommend Bliss to anyone who is after a professional and personable mortgage advisor.
Dean
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Amanda worked extremely hard and was really efficient is securing a fixed deal for me at a time when rates were being removed across the board. I would recommend them to anyone.
Andrew M.
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Excellent from start to finish. Every decision and option were made clear to us about the implications and any questions we had were answered in a timely manner, making remortgaging easier than I imagined it would be. Thank you to Bliss Financial Solutions for excellent service and attention to personal details that really made us feel like our priorities were put first. We will use again at our next remortgage and would recommend to anyone.
Melissa B.
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Excellent company, fast and responsive and a professional outfitI appreciate Amy’s swift advice on a deal to secure a good rate 12hrs before the rate changed
Adam L.
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What a fantastic service. I contacted Amanda via a friend recommendation. She was friendly and helpful. She passed me to Amy who was my advisor for the whole process.As a first time buyer, I was like a rabbit in the headlights. But Amy reassured me and made the whole thing a breeze, with regular contact and updates along the way.Thank you to you all.Highly recommend 😁See you when it's time to remortgage 😉
Steven R.
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We have used Bliss/Amanda for a number of mortgages now and the service has always been second to none!We have had complicated financial situations that the Bliss team have used their extensive knowledge to support and ensure we receive the best product for us.We always recommend Bliss to all our friends and family!Thank you to Amanda, Amy and Sophie
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The staff are amazing and very helpful throughout the whole process, the rates are very competitive and the after sales service is second to none, I would highly recommend Bliss Financial to anyone.MarkAspire Property Rentals
Mark L.
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Any Lyons found us an excellent mortgage deal and then helped us through a long complex legal process regarding the house. She was there for us all the way through keeping us informed and chasing up when there were delays, Thank you Amy and her team.
Ken W.
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Amy has been amazing from the start of our process as first time buyers until completion. We had a few delays along the way due to waiting on a new build but Any was there to guide us through every step of the way to help us rearrange another mortgage and kept us regularly updated on the process. I have already recommended her to friends and family and wouldn’t hesitate to use her again when we remortgage.
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Really happy with the service from Amy and Bliss Financial Solutions - Amy made sure everything was as straight forward as possible, was super communicative and really easy to deal with. Would not hesitate to recommend them.
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Amanda was very helpful. Gave advice over a number of options for my situation. Many other companies didn't even bother calling me back. Will definitely go back to Bliss again in the future.
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