TWO new homebuying schemes are open to allow first-timers the chance to afford their first home.

Inspired by the government’s Help to Buy scheme and organised with independent mortgage specialists, The Mortgage Brain "Proportunity" and "Generation Home" have been launched to help first-time and existing home buyers buy a house with just a five per cent deposit and an equity loan up to 25 per cent.

To be eligible for Proportunity:

• You’ll need a five per cent deposit of the purchase price

• The property must be your only home

Generation Home is a new scheme that has been launched to enable buyers to purchase a new home by using deposit boosters and income boosters to afford the space that they need.

Deposit boosters are secured loans that can be made by anyone.

Friends or family can choose whether it’s an equity loan, where their stake increases and decreases in line with property value or if it’s a deposit loan, where they’ll receive back exactly what they put in.

Alternatively, it can be turned into a gift at any time.

Income deposits allow immediate family members to be added to your mortgage, either contributing to the payments or be on standby to help and support with affordability.

Felicity Barnett from The Mortgage Brain said: “It's such an exciting time for new build with new opportunities being sought to replace the success of the soon to finish Government's Help to Buy scheme.

"Proportunity does exactly that. It fills a gap.

"For those wishing to buy above the regional price caps or who are not eligible for the current Help to Buy scheme, it offers the opportunity to buy now rather than wait.

"Most importantly get advice, each person’s circumstances are unique, so get the right advice for you."