How Your First Home works
Announced at the Autumn Budget on 28 October 2026, Your First Home is a government-backed equity loan for first-time buyers of new-build homes in England, similar to the old Help to Buy.
- Deposit: from 2.5% (up to 15%)
- Equity loan: up to 20% of the price, anywhere in England
- No fees for the first five years; 1.5% in year six, rising to 3% from year seven
- Price caps: £650,000 inner London, £500,000 outer London; local caps elsewhere
- Household income cap: £110,000 (£140,000 in London)
Timeline
Pre-registration opens in December 2026, full applications from February 2027 and the first equity loans complete from April 2027.
The scheme is proposed and the final rules — including how the loan is repaid when you sell or remortgage — will be confirmed by Homes England. Under Help to Buy you repaid the same percentage of the home’s value at the time.
FAQ
What deposit do I need for Your First Home?
At least 2.5% of the price. On a £300,000 home that is £7,500.
Is the equity loan interest-free?
Yes for the first five years. A fee of 1.5% applies in year six and 3% from year seven.
When can I apply?
Pre-registration opens in December 2026, applications from February 2027, with first loans from April 2027.
What are the price and income limits?
Up to £650,000 in inner London and £500,000 in outer London; household income up to £110,000 (£140,000 in London).
Sources: Autumn Budget 28 October 2026; Mortgage Solutions, Which? coverage of the scheme details.