What Is "Your First Home" Scheme?

What is "Your First Home"?

It is an equity loan scheme being introduced by the government.  Details of the scheme were provided on 28 October 2026 in Chancellor Healey’s first Autumn budget.

The government lends you up to 20% of the price of a new build home, and you fund the rest with your deposit and a mortgage. Unlike a discount, an equity loan has to be repaid.

• Deposit: from 2.5% of the price, up to a maximum of 15%.
• Equity loan: up to 20% of the price, wherever you buy in England. There is no higher London rate, unlike the old Help to Buy.
• Mortgage: the balance; with a 2.5% deposit, that will be 77.5% of the price, and if it is, say, a 10% deposit, it will be 70% of the price.
• Interest on the equity loan: none for the first five years, after which charges rise gradually. The starting rate and how it rises have not been published.
• Scale: there will be £4.7 billion of government-backed lending, which the government expects to help around 70,000 households.

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