New Scheme could put twice as many Homes within reach of ‘first-time’ buyers !
The Your First Home scheme is a newly proposed government-backed equity loan for first-time buyers purchasing new-build properties in England.
How the Scheme Works (Expected Structure)
• Deposit: Requires a minimum 2.5% cash deposit.
• Equity Loan: Backed by up to a 20% government equity loan with an initial interest-free period.
• Mortgage: Remaining 77.5% covered by a standard residential mortgage.
• Scope: Applies strictly to new-build homes from participating developers in England.
Current Status & Timetable
• Application Status: Not yet open for applications.
• Rule Confirmation: Full eligibility criteria, income caps, & regional price limits will be confirmed in the Budget on 28 October 2026.
• Pre-registration: Expected to open by the end of 2026.
What to Watch Out For
• Wait for Rules: Avoid reserving any plot based solely on early press headlines before official thresholds are published.
• New-Build Only: The scheme is currently restricted to participating developers & new builds, which may carry a market premium.
Alternative Schemes: Existing options like the First Homes scheme (offering 30%–50% permanent discounts) remain distinct programs.This could mean that mortgages are possibly as cheap as they are going to be for the immediate future, but lenders must compete for business, & will in turn be influenced by the housing market outlook.
Call our friendly team on 01748 822711 for more information or to be put on our mailing list for your new home.
