The Government has announced a new homebuying scheme in England. It’s called Your First Home and it’s designed to help first-time buyers with a low deposit buy new build homes.
Your First Home: 4 things we know so far
Your First Home was announced by the Prime Minister in September 2026. We have some basic information, with more specific details due in the Autumn Budget on Wednesday 28th October 2026.
1. Exclusively for first-time buyers in England
We know Your First Home will only apply to first-time buyers in England. It won’t be available to existing homeowners, or to first-time buyers in Scotland and Wales.
2. Applicable to new-build homes offered by participating housebuilders
Your First Home will only apply to new-build homes built by housebuilders signed up to the scheme. Your First Home won’t apply to older homes that have already had owners.
3. Open to buyers with 2.5% deposits
First-time buyers will be able to access Your First Home with a deposit as low as 2.5%. A 20% government-backed equity loan will ‘top up’ the buyer’s deposit.
A first-time buyer using Your First Home would have a combined deposit of 22.5%. The Government says a bigger deposit will allow them to access mortgages with lower interest rates. This should make monthly repayments cheaper than if buying with a 5% deposit.
4. An interest free loan period
The equity loan will be interest free for a period of time, although the Government hasn’t said how long that period will be. Buyers can expect interest to be added when the interest-free period ends, and the equity loan will need paying back.
Participating housebuilders will be expected to contribute to the scheme when they sign up, helping to cover costs. In return, the Government hopes Your First Home will support the housebuilding industry through improved demand for homes.
Still to be confirmed
Some of the details around Your First Home scheme are still missing
Household and property price caps
There will be a household income cap and local property price caps, so those who most need homebuying help receive it. What we don’t know is how much these caps will be. The former Help to Buy scheme had price caps set in 2018, ranging from £200,000 in the North East to £600,000 in London.
Equity loan interest free period
Currently we don’t know how long the interest free period will be or how much interest will be charged when this period ends.
Confirmation is also needed concerning how long buyers will have to repay the equity loan and whether early repayment charges will apply, should the buyer want to pay off their loan early.
Who is building the homes
Your First Home relies on housebuilders participating in the scheme and mortgage lenders who are willing to accept a 2.5% deposit, together with an equity loan.
At present, we don’t have a list of housebuilders or mortgage lenders who have committed to taking part.
A start date and registration process
It’s not clear when Your First Home will open to first-time buyers and how they can apply.
Will Your First Home be the best option for you?
There are a number of homebuying schemes already in place, with many aimed specifically at first-time buyers. Our comparison table will help you work out where Your First Home sits.
With 670,000 first-time buyers using Zoopla to keep tabs on the market, Your First Home could provide the boost they need.
Scheme name | Scheme operator | Deposit required | Equity loan required | Restriction on the home bought | Who can apply |
Your First Home | Ministry of Housing, Communities and Local Government | 2.5% | Yes, 20% | Must be a new-build | Exclusively first-time buyers |
Own New | From 5% | No | Must be new-build | All buyers | |
Ministry of Housing, Communities and Local Government | Not specified | No | No but upper purchase price cap of £250,000, (or £420,000 in London) | Exclusively first-time buyers | |
Gen H | From 5% | Yes, 15% | Must be a new-build | All buyers | |
Regulated by HMRC | NA | NA | No but upper purchase price cap of £450,000 | Exclusively first-time buyers |
Coming soon: Homebuying schemes all in one place
We'll soon be launching our homebuying schemes hub. It'll keep you up-to-date with the latest launches and existing initiatives. Check in after the Autumn Budget for the latest on Your First Home.
We’re also making it easier for first-time buyers to find a home that’s part of a buying scheme. As well as a buying scheme filter, we’ll be adding clear labels applied to listings and a central page where you can check your eligibility for the different schemes available.
For now, why not explore the new-build homes that are being built near you?
We try to make sure that the information here is accurate at the time of publishing. But the property market moves fast and some information may now be out of date. Zoopla Property Group accepts no responsibility or liability for any decisions you make based on the information provided.