Proposed Your First Home Scheme Announced: What We Know So Far
The Government has announced plans for a new first-time buyer scheme called Your First Home, which is expected to be confirmed at the Autumn Budget. While full details have not yet been released, the Government has said the proposed scheme is intended to support eligible first-time buyers in England purchasing a new-build home through a combination of a 2.5% deposit and a 20% government-backed equity loan.
What is the proposed Your First Home scheme?
Based on the Government’s announcement, the proposed scheme would:
- Be available to eligible first-time buyers in England
- Apply to eligible new-build homes from participating developers
- Require a 2.5% buyer deposit
- Include a 20% government-backed equity loan
- Require a mortgage for the remaining balance
The Government has stated that further details, including eligibility criteria, income caps, property price caps and implementation timelines, will be announced at the Autumn Budget on 28 October 2026.
What has not yet been confirmed?
Although the initial announcement provides an outline of how the scheme may work, several important details are still unknown, including:
- Household income limits
- Property price caps
- Launch dates
- Full eligibility requirements
- Equity loan terms and costs
Until these details are published, buyers should be cautious about relying on media reports or assumptions about how the scheme will operate.
Don’t confuse Your First Home with First Homes
The proposed Your First Home scheme is different from the existing First Homes scheme.
First Homes is an established scheme that offers qualifying first-time buyers selected properties at a discount to market value. The proposed Your First Home scheme is expected to use a government-backed equity loan model instead.
Despite the similar names, they are separate schemes with different objectives and eligibility requirements.
Could it help first-time buyers?
The Government has said the scheme is intended to help address the deposit barrier faced by some first-time buyers. For many people, saving a deposit can be one of the biggest challenges when trying to get onto the property ladder
As the full scheme rules have not yet been published, it is not currently possible to confirm who will qualify or whether the scheme will be suitable for individual circumstances.
However, it’s important to remember that an equity loan is not the same as a grant. Anyone considering a scheme of this type should take time to understand how both the mortgage and equity loan arrangements work before making any decisions.
What happens next?
Further details of the proposed Your First Home scheme, including eligibility criteria, costs and implementation timelines, are expected to be announced at the Autumn Budget on 28 October 2026.
Until then, prospective buyers should treat current information as indicative only and wait for the confirmed rules, eligibility criteria and implementation details before considering whether the scheme may be suitable for their circumstances.
Final thoughts
The proposed Your First Home scheme could provide another route onto the property ladder for some first-time buyers, but many important details are still to be confirmed.
We’ll continue to monitor developments and provide an update once further scheme details are confirmed at the Autumn Budget.
If you’re planning to buy your first home and would like to understand the options currently available, speaking to a mortgage adviser can help you explore what may be suitable for your circumstances.
Source
Official Government announcement:
New first-time buyer scheme to be confirmed at Budget
https://www.gov.uk/government/news/new-first-time-buyer-scheme-to-be-confirmed-at-budget
Important information
The proposed Your First Home scheme has been announced by the Government, but full details have not yet been confirmed. Information in this article is based on the Government’s announcement published on 26 September 2026 and may change when further details are released at the Autumn Budget. Eligibility criteria, property price limits, income caps, implementation dates and scheme terms are still to be confirmed. Readers should refer to official Government sources for the latest information.