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If your savings have been growing steadily but your deposit still feels some way from completion, the proposed Your First Home scheme could make it easier for you to get on the property ladder.
For eligible buyers in England, Your First Home could offer an alternative route into home ownership, with a smaller initial deposit requirement and government-backed equity support. Learn more about what the current proposals could mean for you and your plans to buy.
Your First Home is a proposed government-backed equity loan scheme for first-time buyers in England looking to purchase a new build house or flat. This home buying scheme is intended to make the initial cost of buying more manageable, especially for buyers who can afford the ongoing cost of owning a home but are finding it difficult to build up a larger deposit.
To be eligible for the scheme, you will need to meet a set of criteria covering your circumstances and the property you are buying. There will also likely be a household income cap, a limit on the amount of money you can contribute towards the purchase yourself, and local property price caps. However, it's important to note that the exact figures for these thresholds have not yet been confirmed, so the final eligibility requirements will become clearer when further details are announced by the UK Government.
You will also need to pass your chosen mortgage lender's affordability and lending checks. Being eligible for Your First Home does not guarantee that you will be offered a mortgage, so understanding your potential borrowing remains an important part of planning your purchase.
The Your First Home scheme would reduce the amount you need to fund yourself at the outset, with your deposit, mortgage and government equity loan each contributing towards the purchase of an eligible new build home.
Under the plans announced so far, you could put down a deposit of 2.5% of the purchase price, while the government could provide an equity loan of up to 20%, leaving 77.5% of the purchase price to be covered by your mortgage.
The government has announced that further details of Your First Home are expected in the Budget on 28 October 2026, including the eligibility criteria, household income cap, local property price caps and details of the equity loan. The government has also said it expects the scheme to be open for registration by the end of 2026.
That means there is still some time before you'll know exactly how the scheme will apply to your circumstances. The length of the initial interest-free period, what happens once that period ends and how the equity loan can be repaid are among the details still to be confirmed.
If you're currently saving for a home and think you will need to use this first-time buyer scheme, you don't necessarily need to wait for the details to be confirmed before doing some groundwork.
Start by understanding what you could realistically afford and speaking to a mortgage adviser about your potential borrowing. This can give you a clearer idea of the type and price of home you could be looking for, although any mortgage offer would still be subject to the lender's criteria at the time you apply.
It's also a good idea to explore the new build homes currently available and keeping an eye on our new build developments with homes coming soon. If you have this knowledge in advance, you'll be in a much stronger position to act once the scheme's final criteria are confirmed.
Although the Your First Home scheme could make home ownership more accessible for many buyers, increased demand following its launch may mean more competition for eligible new build homes.
If you're already close to being able to buy, acting sooner could give you more choice and flexibility, as well as access to existing first-time buyer incentives available now, rather than waiting for the scheme to become available.
Looking to move sooner? You can learn more about our other first-time buyer schemes here.
Your First Home has been announced but is still subject to confirmation, so the deposit requirements, eligibility criteria, property price caps, interest-free period and repayment arrangements may change before the scheme launches. We'll continue to share updates as more information becomes available.
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