LONDON, Sept. 26 -- The government of the United Kingdom issued the following news:
The government has today (Saturday 26 September 2026) announced a new equity loan scheme - Your First Home - in England will be confirmed at next month's Budget, to support more people into homeownership.
Thisisexpectedtosupport2.5%deposits,backed by20%government-backed equity loans, for prospective first-time buyerspurchasinga new-build propertyfrom adeveloper signed up to the scheme.
Peoplewill be able to accessequity loans withan initialinterest free period, meaningthat those who use theschemecould savehundredsofpoundsper monthcompared to a95%mortgage.
The Your First Home schemewillhelp tackle the deposit barrier for first-time buyerswho wouldbeunable to afford their first home otherwise,building on the government's existing work to help more young people and families onto the housing ladder. The scheme will also seta household income cap with local property price caps to further ensure support is targeted at those who need it, the detail of which will be set out at Budget.
With the new build housing market currently facing challenging headwinds driven by international economic pressures and rising constructioncosts, the scheme willalsoact as a much-needed stimulus tosupport the market andboosthousingsupply.
Developers will be expected to make a contributionwhen signing up to the scheme to help cover costs.
Further details, including costs and implementation timelines, will be announcedby the Chancellor at the Budget next month.
ENDS
Disclaimer: Curated by HT Syndication.
