Lifetime ISAs are a type of bank account. You can deposit a maximum of £4000 into a Lifetime ISA every year, and the government will top it up with a 25% (£1000) bonus. The money can be used to purchase a home up to the value of £450,000. There is a financial penalty to pay if you remove the money from the account for reasons other than buying a home. If buying with another person, you can both use your separate ISA accounts to double the bonus.
A shared ownership mortgage lets you buy a percentage of a property and pay rent on the rest. You only pay a deposit on the percentage of the property you buy, so the deposit you need is much smaller than a traditional residential mortgage. You can purchase more shares in the property later on.
With a guarantor mortgage, a family member asks as a guarantor, agreeing to be responsible if the buyer defaults on their mortgage payments. With guarantor mortgages you can borrow up to 100% of the property value, making it a viable choice for first-time buyers with small deposits.