Getting ready for the Your First Home scheme
Last checked 28 September 2026
The rules arrive at the Budget on 28 October 2026 and pre-registration is expected by the end of 2026 (HomeOwners Alliance). Until then nobody can apply. These are the steps that apply to buying a home with or without the scheme, so the time isn't wasted whatever the final rules say.
Independent guide. We are not the government, Homes England, a housebuilder or a lender, and this is not an official site for the scheme. Everything here is general information to help you understand it, not financial advice. The scheme's rules are due at the Budget on 28 October 2026.
1. Work out the numbers
Put a realistic new-build price into the calculator. It shows the 2.5% deposit, the mortgage you'd need, the monthly payment, stamp duty and what the equity loan could cost to repay. Remember the costs it leaves out: legal fees, a survey, mortgage fees and moving costs.
Stamp duty matters here. First-time buyers in England pay none up to £300,000, 5% on the part between £300,001 and £500,000, and lose the relief entirely above £500,000 (GOV.UK).
2. Save the deposit, and a bit more
A 2.5% deposit is £5,750 on a £230,000 home or £7,500 on £300,000. Some people also keep money back for fees and furnishing, and for the months when an interest-free period ends and loan fees might start.
If you're saving in a Lifetime ISA, the account has to have been open for 12 months before the bonus can be used for a home, and the home must cost £450,000 or less (MoneySavingExpert; GOV.UK). Whether Lifetime ISA money can be combined with Your First Home hasn't been confirmed. There's more on the Lifetime ISA and its planned replacement in our schemes comparison.
3. Check your credit file
Lenders will check your credit history before they lend the 77.5% mortgage. In the UK the three main credit reference agencies are Equifax, Experian and TransUnion, and asking one for your credit file is free. If something is wrong, you can raise it with the agency, and the lender that reported it has responsibilities too (ICO).
4. Get a feel for what a lender would lend
An Agreement in Principle (sometimes called a Decision in Principle or Mortgage in Principle) is a lender's statement of roughly how much it might lend you, based on the details you give. It isn't a mortgage offer, but estate agents and developers may ask to see one. Which lenders will offer mortgages alongside Your First Home hasn't been announced yet (HomeOwners Alliance), so any figure now is only a guide to borrowing in general.
5. Look at new builds near you
Only new-build homes from developers signed up to the scheme will qualify, and there will be local price caps (GOV.UK). Neither the list of developers nor the caps have been published. Looking at which housebuilders are selling near you, and at what prices, gives you a head start. Under Help to Buy, the regional caps ranged from £186,100 in the North East to £600,000 in London (HomeOwners Alliance); the new caps may be different.
6. Watch for pre-registration
Pre-registration is expected by the end of 2026, but where and how haven't been announced. That means any website asking you to register or pay for the scheme today is not the government's registration. We'll link to the real one from our key dates page as soon as it's announced. We are an independent guide and can't register you.
7. Understand the risks
A 2.5% deposit leaves little cushion if prices fall, and the equity loan grows if your home's value rises. Our how it works and repayment guides explain both.
8. Know where to get advice
This site gives information, not advice. For advice on your own situation, a mortgage adviser (broker) can look at your finances and search lenders for you. Our mortgage brokers guide explains how they work and how to check one is authorised by the FCA.