Saving for a house deposit while balancing rent, bills and everyday expenses can easily feel like the hardest part of buying a home.
To help make it easier to get on the property ladder, the government has announced plans for Your First Home, a low deposit buying scheme. Although the full details are still to be confirmed, but here's what we know so far and what it could mean if you're planning to buy your first home.
What is the Your First Home scheme?
Your First Home is a proposed government-backed equity loan scheme for first-time buyers in England. It is designed the reduce the amount you need to find for your deposit and how much you need to borrow for your mortgage.
How will the scheme help first-time buyers?
Your First Home could help first-time buyers who can afford a mortgage but are struggling to save enough for a typical house deposit. By reducing the deposit required to 2.5% and providing a government equity loan of up to 20%, the scheme could make it possible to buy a home with less money saved upfront.
Who will be eligible to use the Your First Home scheme?
Your First Home is intended to support first-time buyers in England, but there will be other eligibility requirements to meet. The government has said there will be a household income cap and local property price caps, although the exact figures have not yet been announced.
You'll also need to meet your mortgage lender's affordability and lending criteria. Being eligible for the scheme doesn't guarantee that you'll be offered a mortgage, so it is a good idea to speak to a regulated mortgage adviser in advance to learn more about what you could afford.
Can you use Your First Home on a new build?
Yes, Your First Home is intended to help buyers purchase a new build home, which could be useful if you're already looking at new homes in the north west. You can start exploring our range of new build developments, locations and house types now, so you have a better idea of what could work best for you once the final scheme details are announced.
When will Your First Home be available?
The government has said more details are expected in the Budget due on 28 October 2026, including the household income cap, local property price caps, eligibility criteria and further details about the equity loan. Registration is currently expected to open by the end of 2026; however, the final launch date has not yet been confirmed.
Until then, the exact rules could change, so it's important to check the latest government guidance before making any decisions based on the scheme.
How can you prepare for buying your first home?
You don't need to wait for Your First Home, we have a great range of schemes already available including 5% Deposit Match. So take a look at how much you have saved; how much you could continue putting aside each month and what you could afford to pay towards a mortgage.
It can also help to get familiar with the buying process, from finding your new home through to getting the keys. Our guide to buying a new home takes you through each stage, so you know what to expect when you're ready to make your move.
Your First Home has been announced by the UK Government but is subject to confirmation and final scheme rules. The proposed deposit requirement, equity loan, eligibility criteria, property price caps, interest-free period and repayment arrangements may change before the scheme launches. This information is based on government announcements available on 1 October 2026 and should not be taken as financial advice.
