Deposit Builder

Help to Buy ISA

• Closed to new accounts (as of 30 Nov 2019), but existing accounts still work
• You can save up to £200 per month
• Property must be in the UK and cost up to £250,000 (or £450,000 in London)
• It must be your only home and where you plan to live

Missed out on Help to Buy ISA? No worries, the Lifetime ISA is still available and works in a similar way.

Lifetime ISA

• Open to people aged 18–39
• You must be a first-time buyer
• You can save up to £4,000 per year
• The property must cost £450,000 or less
• You need to wait 12 months after your first payment before buying
• A solicitor or conveyancer must handle the purchase

Once you apply and confirm you’d like to join Deposit Builder, we’ll arrange a professional valuation by an independent surveyor accredited by RICS (Royal Institution of Chartered Surveyors). If everything checks out, we’ll give you a price freeze offer. 

Not sure what your home’s worth right now? We’ll send you an estimated valuation in your application pack to get you started. You can also use Zoopla’s home value tool to get an estimate of your home’s value.

Once your home has been valued, we’ll give you a price freeze offer, a snapshot of your home’s value that stays in place for up to five years. This gives you a clear savings target and peace of mind as you plan.

Here’s the best part: if your home’s value doesn’t change by more than 20% when you’re ready to buy, we’ll honour that original valuation. It’s our way of giving you confidence and certainty while you save.

And because we know things can change, we’ll check in with you along the way, sharing updated estimates so you can keep an eye on your home’s value and any big shifts.

If you’ve upgraded your home, that’s great, but not all improvements affect the valuation.

To make sure any improvements are considered, they must have been approved in writing by Home Group before the work was carried out.

Approved improvements may be excluded from the valuation provided by the surveyor, meaning you won’t pay extra for the value you’ve added.

Keep in mind: General maintenance or redecoration (like painting or new carpets) usually doesn’t increase your home’s value.

Improvements that can add value include things like:

• Installing central heating
• Adding double glazing
• Fitting a new kitchen
• Upgrading to a modern bathroom suite

This isn’t a complete list, but it gives you a good idea of what might count.

Yes, there’s a £200 non-refundable deposit when you join the scheme.

If you go on to buy a property through Deposit Builder, we’ll deduct this from the purchase price.

As soon as you’ve been signed up for Deposit Builder, we’ll apply a £50 monthly rent discount, and you’ll save that into your Help to Buy ISA or Lifetime ISA (along with anything extra you can contribute). This is your saving stage, which can last up to five years.

We’ll check in annually to make sure:

• You’re saving at least £50/month
• You still meet the scheme’s eligibility criteria

If you stop saving or no longer qualify, we may need to withdraw you from the scheme, but we’ll always keep you informed.

Absolutely, as long as you meet the minimum.

• With a Help to Buy ISA, you must save £50/month to stay in the scheme. You can save up to £200/month if you’re able
• With a Lifetime ISA, you must also save £50/month, but you can save up to £4,000/year

At the end of each financial year, you’ll need to show that you’ve saved at least the minimum amount.

Once you start receiving the rent discount, your home will be removed from our planned maintenance list (things like new kitchens, bathrooms, or external doors).

You’ll be able to upgrade these after you buy, but we recommend waiting until the sale is complete. If you want to make changes before then, you’ll need our written consent.

We’ll still take care of general repairs while you’re renting.

Nope! You can save for up to five years, but you don’t have to use the full term. However, if you’re using a Lifetime ISA, you’ll need to save for at least 12 months before buying.

Not necessarily. If your current home is eligible, you can absolutely use your Deposit Builder savings to buy it. But if it’s not available to purchase (due to legal restrictions), you can still put your savings toward another eligible Home Group property like one of our stylish new builds from Persona Homes, or a shared ownership resale.

We’ll do our best to let you know early on whether your current home can be bought through the scheme. Sometimes, we might invite you to join Deposit Builder before confirming this, but don’t worry, we’ll keep you updated every step of the way.

Amazing, you’re nearly there! Just let us know! We’ll ask for a few details to show that buying your home is affordable for you. Then we’ll arrange a valuation by a RICS-accredited surveyor. If the value hasn’t changed by more than 20%, we’ll honour the original “price freeze” valuation, giving you a clear savings target.

If your home isn’t eligible to buy, we’ll help you find a suitable alternative, such as a new build or a shared ownership resale.

After you’ve supplied proof of funds and your solicitor’s details, conveyancing begins and you’ll soon be a homeowner! Home Group will also match the government ISA bonus: up to £3,000 with a Help to Buy ISA or up to £5,000 with a Lifetime ISA.

Remember to check the Help to Buy ISA restrictions and Lifetime ISA restrictions.

Buying a home is a big step, and while the property price is the main cost, there are a few other expenses to keep in mind. These can vary depending on your circumstances, but may include:

• Stamp Duty – a government tax on property purchases (not everyone pays this, depending on the property value and your situation)
• Solicitors’ fees – for handling the legal side of your purchase
• Survey costs – to assess the condition and value of your home
• Mortgage arrangement fees – if you're taking out a mortgage, your lender may charge a fee to set it up

It’s a good idea to speak with a mortgage advisor or financial planner to get a full picture of what costs to expect and how to budget for them.

Becoming a homeowner is a big milestone, and it comes with exciting new responsibilities and freedoms.

Here’s what to expect:

You’ll no longer pay rent to Home Group. Instead, you’ll own your home and be responsible for things like mortgage payments (if applicable), insurance, and maintenance. If there are shared areas, you may pay service charges to Home Group.

Want to redecorate, renovate, or improve your space? Go for it! As the owner, you have the freedom to shape your home your way. If you're a leaseholder, you’ll need permission for major changes.

Repairs and maintenance become your responsibility, so it’s important to budget for things like plumbing, electrics, and general upkeep.

See the homeowner section of our website for further information on managing your home. 

Important: Your home may be repossessed if you do not keep up with repayments on a mortgage or any other debt secured against it.

Deposit Builder isn’t a regulated financial product, which means Home Group won’t hold your savings at any point.

Your Help to Buy or Lifetime ISA will be held by a regulated bank or financial institution and we’ll ask for proof of your ISA before accepting your application.

Yes, this is a big decision, and we want you to feel confident.

Home Group Limited (Charitable Community Benefit Society No. 22981R) can’t offer financial advice, so we strongly recommend speaking to an independent financial advisor before applying.

Look for advisors who are authorised and regulated by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), you can find them on the Financial Services Register.

You can read all of the legal details of the scheme in our Deposit Builder legal information.