Your First Home
A new chapter starts at home
Finding your first home is a significant milestone. The Government’s proposed Your First Home scheme aims to help eligible first-time buyers in England purchase a new-build property with a smaller deposit, opening up another potential route to homeownership.
Understanding the Your First Home scheme
The proposed scheme is intended for first-time buyers with a regular income who may not have access to a traditional large deposit. By combining a smaller initial deposit with a Government-backed equity loan, it aims to offer an alternative way to finance a new-build home.
Under the proposals, eligible buyers could be able to:
- Put down a deposit of just 2.5% on a new-build home
- Access a Government-backed equity loan of up to 20% of the property's value
- Secure a mortgage for the remaining amount
- Benefit from an initial interest-free period on the equity loan
The final details, including eligibility criteria, household income limits, property price caps and implementation dates, are yet to be confirmed. More details are expected to be released with the October 28th budget.
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Your First Home scheme FAQs
Your First Home is a proposed Government-backed equity-loan scheme intended to help first-time buyers in England purchase a new-build property. Under the proposals, eligible buyers could put down a 2.5% deposit, access an equity loan of up to 20% of the property's value and cover the remaining amount with a mortgage. The final scheme details are yet to be confirmed.
The proposed scheme is aimed at first-time buyers in England who have found it difficult to save a larger deposit. Household income limits and local property price caps will apply, although the full eligibility criteria have not yet been announced. The scheme is expected to be available on new-build homes from participating developers.
Your First Home is not a property discount scheme. Instead, the proposals centre on a lower deposit and a Government-backed equity loan to help eligible buyers finance their purchase.
This is different from the existing First Homes scheme, which allows eligible buyers to purchase qualifying properties at a discount of at least 30% against market value, subject to the scheme's rules.
The resale conditions for the proposed Your First Home scheme have not yet been confirmed. The existing First Homes scheme operates under separate rules designed to pass the discount on to eligible future buyers. Anyone considering buying or selling a property should consult the official scheme guidance for the relevant restrictions.
The application process for the proposed Your First Home scheme has not yet been announced. Further details, including implementation arrangements, are expected from the Government at the Budget on October 28th 2026.
Once the scheme is established, prospective buyers should check which developers are participating, which properties are available and how to apply through the official guidance.