Your First Home: A Government Update for First Time Buyers
Reasons to choose Wilson Browne
The Government has announced Your First Home
Your First Home is a new equity loan scheme designed to help first-time buyers in England secure a new-build property with a much smaller deposit. As a law firm, we want our clients to understand how this may support their move.
Under the scheme, eligible buyers can purchase a new-build home with just a 2.5% deposit, supported by a 20% government-backed equity loan. The loan will include an initial interest-free period, meaning monthly payments could be significantly lower than a standard 95% mortgage — a welcome change for those struggling with affordability.
The scheme targets households that genuinely need assistance. Income caps and local property price limits will be confirmed at the Budget, and these will determine eligibility. If you’re considering buying your first home, these criteria will be key.
Your First Home is also intended to support the new build market, which has faced rising construction costs and wider economic pressures. Developers joining the scheme will contribute financially to help offset delivery costs.
Further details, including timelines and full rules, will be announced next month. In the meantime, if you’re planning to buy a new build property, our team can guide you through how this scheme may fit into your plans.
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Posted:
Jenny Woodruff
Partner
Jenny is a Partner and head of the Residential Conveyancing Team. She has extensive knowledge of the conveyancing process, including: dealing with freehold and leasehold sales & purchases; new build purchases; remortgages; transfers of equity; shared ownership; help to buy transactions & general property advice.