03/11/2026
🗞 MORTGAGE NEWS 🗞
The new Your First Home scheme aims to help first-time buyers in England get onto the property ladder with a 20% equity loan, interest-free for the first five years. This could mean smaller mortgages, better interest rates and lower initial costs.
The scheme could support homebuyers in two key ways:
🏡 Making mortgages more accessible: Helping buyers who may have previously struggled to secure a mortgage due to having a smaller deposit.
🏡 Reducing the initial cost of buying a home: A smaller mortgage could mean access to more competitive interest rates, while the equity loan being interest-free for the first five years could help keep initial monthly costs down.
🔑 WHO CAN TAKE PART IN THE YOUR FIRST HOME SCHEME? 🔑
To take part, you’ll need to:
✓ Be a first-time buyer who is buying a home in England.
✓ Be buying a new-build home.
✓ Be intending to live in the property.
✓ Have an income of no more than £110,000 per household outside of London, or £140,000 per household inside of London.
✓ Have a deposit of at least 2.5% of the property price, but no more than 15%.
✓ Meet the local area property price cap. (These price caps will be set out in full over the coming weeks, but for inner and outer London these caps will be £650,000 and £500,000 respectively, while they will be £375,000 in Reading, £320,000 in North Devon, £355,000 in Manchester and £220,000 in Middlesbrough.)
✓ There is no maximum age limit for those wanting to take part in the scheme.
