Dreaming of a place to call your own?

Today’s Budget announcement could bring that ambition a step closer. The government’s new Your First Home scheme is designed to help eligible first-time buyers purchase a new-build home in England with a deposit from just 2.5%. At eastbrooke homes, we’re looking ahead to what this could mean for your next chapter.

A smaller deposit

Saving for a deposit can be a big hurdle. Your First Home could make that first step more achievable by bringing together:

• 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

That means a smaller upfront deposit and a lower mortgage than buying the same home with the same deposit and no equity loan. The equity loan is borrowing, not a discount, and must be repaid.

What could your deposit look like?

For an eligible £350,000 home, here’s how the scheme could work:

• Buyer’s deposit: £8,750
• Government equity loan: £70,000
• Mortgage required: £271,250

That’s an £8,750 deposit, compared with £35,000 if you were putting down 10% on the same home – a smaller savings target to work towards.

Could this be your first step?

If you’re buying your first home, this could be an option worth exploring. The main requirements include:

• 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

A little planning for your next chapter

Applications are expected to open in February 2027, with the first sales expected in April. Full eligibility rules, local price caps and participating developers are still to be confirmed. eastbrooke homes’ participation and the availability of specific homes under the scheme are not yet confirmed.

With applications expected to open in the new year, now is a great time to explore your options and picture life in a home of your own. Book a viewing at The Lower Acre to discover what you’re looking for and meet our dedicated sales team. They can show you around, talk you through your buying options and introduce you to homes that could be eligible for Your First Home, subject to confirmation of our participation and individual property eligibility.

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