A closer look at the Your First Home scheme

Buying your first home can take plenty of saving, a little planning and, sometimes, a helping hand. The proposed Your First Home scheme could offer just that and bring you a little closer to owning your very own new build home.  

From how Your First Home is expected to work to the reasons a new build could make a wonderful first home, here’s everything we know about the scheme so far. 

How will Your First Home help first-time buyers? 

Your First Home is a proposed government-backed equity loan scheme designed to give first-time buyers in England a little extra help towards buying a brand-new home. 

Under the proposed scheme, you could put down a 2.5% deposit towards a new home, with the government lending you up to 20% of the purchase price through an equity loan. Your mortgage would then cover the remaining amount, bringing the dream of having your very own front door a little closer. 

How could Your First Home make buying easier?  

The government equity loan would sit alongside your mortgage, helping to cover part of the purchase price and meaning your mortgage wouldn’t need to cover quite as much. This could make the numbers feel a little bit more comfortable and offer you more freedom to think about the home you really want.  

Of course, you’d still need to pass your mortgage lender’s affordability checks and meet the scheme’s eligibility requirements, so there are a few things to work out before you start getting carried away with paint colours and cushions. But once you know what you could afford, you can start to look for a new build development that feels like home.  

The equity loan is also set to be interest-free for an initial period, but the finer details around the length of the interest-free period and repayments will be set out as the scheme progresses. 

What could affect your eligibility for Your First Home? 

There are a few key things that could affect your eligibility when looking at a new home through the Your First Home initiative. Your household income will need to fall within the scheme’s set criteria, while the new home you choose will also need to sit within the local property price cap for the area.

The scheme will also set out how much you’ll need to contribute towards the purchase yourself, alongside the 2.5% deposit and government equity loan. Full details about eligibility requirements will be announced as part of the Budget in late October. 

Why buy a new build for your first home?  

A brand-new home gives you a fresh start, with beautiful spaces waiting for the little details that will make them yours. There’s no need to spend your first few months working through a list of decorating jobs or wondering what might need replacing next. Your new home is ready for you from the moment you pick up the keys, so you can settle in without taking on the work that can sometimes come with an older property. 

New build homes are designed with modern living in mind, with well-planned layouts, contemporary kitchens and features that can help keep your energy bills down. So, you can enjoy a home that feels fresh and up to date, while the practical things you need for everyday life have already been thought through.  

And because everything is new, you’ll have the reassurance of a new build warranty too, helping to give you extra peace of mind as you settle into your first home. 

What can you do now if you’re hoping to buy your first home? 

Your First Home could open the door to new possibilities, but it’s your budget and your plans that will shape what comes next. So, take a look around, save the homes you love and let yourself get excited about the idea of having somewhere that’s completely your own. 

And while we wait to see the scheme take shape, why not start exploring what could be yours? 

Discover our new build homes for sale across Bedford, Berkshire and Oxfordshire and find somewhere that feels like the perfect place to begin your next chapter.  We have new homes ready to move into at our Deanfield Glade development, which you can view here.