Update on ‘Your First Home’ Scheme following Budget Announcement

The Government has announced further information about the new ‘Your First Home’ Scheme which will be introduced next year.

Your First Home is a new government scheme to help first-time buyers purchase a new-build home with a smaller deposit and mortgage.

Eligible buyers will be able to purchase a home using:

• a deposit of at least 2.5% of the purchase price
• a repayment mortgage from a participating lender
• a government equity loan worth 20% of the purchase price, interest free for 5 years

The scheme is expected to open for applications in February 2027. More information about eligible homes, participating developers and lenders, and how to apply will be published before applications open.

Who the scheme is for

Your First Home is designed for first-time buyers purchasing a new-build home in England who would struggle to buy without assistance.

To use the scheme, buyers will normally need to:

• be a first-time buyer
• buy a new-build home in England, within the relevant local price cap
• use the property as their main home
• have a total annual household income of £110,000 or less outside London, or £140,000 or less within London
• be able to obtain a mortgage from a participating lender

For further information about the scheme, please visit:

https://www.gov.uk/government/publications/your-first-home

If you are a first time buyer and would like a quote for our legal costs, please call our helpful and friendly team at mosshaselhurst Solicitors on 01606 74301.