Your First Home: new government scheme announced for first-time buyers

The new government scheme could help more first-time buyers take their first step onto the property ladder.

The UK Government has announced plans for Your First Home, a new equity loan scheme designed to help eligible first-time buyers purchase a new-build home with a smaller deposit.

While the full details are still to be confirmed, the scheme could provide another option for people who are ready to buy but are finding it difficult to save a larger deposit.

What is the Your First Home scheme?

Your First Home is a proposed first-time buyer scheme designed to support eligible buyers purchasing a new-build property in England.

Under the plans announced so far, buyers could purchase a home with a deposit of just 2.5%, alongside a government-backed equity loan of up to 20% of the property's value.

The government says the equity loan will have an initial interest-free period. The remaining amount would be covered by a mortgage.

The scheme is intended to help address one of the biggest challenges for many first-time buyers: saving enough for a deposit.

Who could be eligible?

The scheme is being designed specifically for first-time buyers, although the full eligibility criteria have not yet been published.

The Government has confirmed that there will be a household income cap and local property price caps, helping to target the support towards buyers who need it.

Buyers will also need to purchase a qualifying new-build home from a developer participating in the scheme.

More information about the eligibility requirements is expected to be announced at the October 2026 Budget.

When will Your First Home launch?

Further details about Your First Home are expected to be announced at the Government's Budget on 28 October 2026.

The Government has said that pre-registration is expected to open by the end of 2026, although the final launch date and application process have not yet been confirmed.

This means there's no need to apply just yet. The scheme is still being developed, so it's worth keeping an eye out for further announcements.

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Keep an eye on Persimmon Homes for the latest updates on Your First Home and other schemes that could help you move into your new home.