Your First Home
The Government’s proposed Your First Home scheme aims to help eligible first-time buyers in England take the first step onto the property ladder, with a smaller deposit needed.
How will the Your First Home scheme work?
The scheme is specifically for first-time buyers who have a regular income, but don’t have the traditional large deposit to get started.
Under the proposals, eligible buyers could be able to:
- Buy a new-build home with a deposit of just 2.5%
- Access a Government-backed equity loan of up to 20% of the property's value
- Cover the remaining amount with a mortgage
- 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.
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Your First Home scheme FAQs
What is the Your First Home house-buying scheme?
Your First Home is a proposed Government-backed equity-loan scheme designed to help first-time buyers in England purchase a new-build home. Under the proposals, eligible buyers could put down a 2.5% deposit and access a Government-backed equity loan of up to 20% of the property's value, with a mortgage covering the remainder. The final scheme details are yet to be confirmed.
Who is eligible for Your First Home scheme in the UK?
The scheme is intended for first-time buyers in England who have struggled to save a larger deposit. The Government has confirmed that household income limits and local property price caps will apply, but the full eligibility criteria are yet to be announced. The scheme is expected to be available on new-build homes from developers who sign up to it.
How much of a discount do Your First Home properties have?
Your First Home is not a discount scheme. Instead, the proposals involve a smaller deposit and a Government-backed equity loan. The existing First Homes scheme is different: eligible buyers can purchase qualifying properties at a discount of at least 30% against market value, subject to the scheme's rules.
Can Your First Home properties be sold on later and under what conditions?
The resale rules for the proposed Your First Home scheme have not yet been confirmed. The existing First Homes scheme has separate rules designed to pass the discount on to eligible future buyers. Check the official scheme guidance for the applicable restrictions before buying or selling a property.
How do I apply for a Your First Homes property?
The application process for the proposed Your First Home scheme has not yet been announced. The Government is expected to confirm further details, including implementation arrangements, at the Budget. Once the scheme is established, buyers should check which participating developers and properties are available and follow the official application guidance.
