Question 1

Can I buy with a 2.5% deposit under Your First Home?

Accepted Answer

A 2.5% deposit is the announced minimum for eligible Your First Home purchases, not a guarantee that a buyer or property will qualify.

Question 2

What does Budget 2026 mean for first-time buyers?

Accepted Answer

Budget 2026 confirmed the main design and timetable for Your First Home, but it does not guarantee a mortgage, eligibility or a property purchase.

Question 3

What is the First Time Buyer ISA from 2029?

Accepted Answer

The new First Time Buyer ISA is planned from April 2029 for new savers, with £4,000 yearly contributions and a 25% Government bonus for qualifying first homes up to £450,000.

Question 4

When does Your First Home open for applications?

Accepted Answer

The Government timetable expects pre-registration by the end of December 2026, full applications from February 2027 and first loans from April 2027.

Question 5

Is Your First Home the same as Help to Buy?

Accepted Answer

No. Your First Home is a newly announced proposed scheme, while Help to Buy: Equity Loan is closed to new applications in England. Both involve an equity-loan approach, but Your First Home's final interest, repayment, price-cap and eligibility rules have not yet been published.

Question 6

Can I use Your First Home to buy an older home?

Accepted Answer

Not on the announcement so far. Your First Home is expected to be for prospective first-time buyers in England purchasing a new-build property from a developer signed up to the scheme. The final eligibility rules, local price caps and launch timing have not yet been published.

Question 7

Can I still open a Help to Buy ISA in 2026?

Accepted Answer

No. You cannot open a new Help to Buy ISA. If you already have one, you may still be able to pay in up to £200 a month and claim its Government bonus when you buy, subject to the scheme rules. A Lifetime ISA is a separate savings product with different conditions.

Question 8

Why is my first mortgage payment higher than expected?

Accepted Answer

A first mortgage payment can be higher because a lender may collect interest from completion to the end of that month as well as the following regular monthly payment. The exact calculation and first payment date depend on your lender, so check its payment schedule rather than assuming there is an error.

Question 9

Is a 95% mortgage the same as the Mortgage Guarantee Scheme?

Accepted Answer

No. A 95% mortgage means borrowing 95% of a property's price with a 5% deposit. The Mortgage Guarantee Scheme is a Government-backed arrangement for participating lenders that helps support the availability of some 91% to 95% loan-to-value mortgages. It is not a separate pot of money a buyer applies for.

Question 10

My remortgage is due to complete before my fixed rate ends. What should I check?

Accepted Answer

Check the end date of your current fixed deal, the early repayment charge shown in your mortgage paperwork or redemption statement, and the planned completion date for the new mortgage. If those dates do not line up with what you expected, raise it before completion. Whether a charge applies depends on your own lender and deal.

Question 11

My fixed rate ends before April 2027. When should I start looking?

Accepted Answer

For eligible borrowers with a participating lender, the Mortgage Charter allows a new deal to be locked in up to six months before a fixed rate ends. The right timing can still depend on the lender and your circumstances.

Question 12

Rates rose again last week: why leaving a remortgage late can cost more

Accepted Answer

Fixed mortgage rates rose in early September while Bank Rate remained at 3.75%. It is worth understanding when a lender can offer a new deal before a fixed rate ends, and the potential cost of moving onto a standard variable rate.

Question 13

If I reserve a new mortgage deal now and rates fall, am I stuck with it?

Accepted Answer

Usually not, if you are eligible and your lender is a Mortgage Charter signatory. The Charter allows a request for a better like-for-like deal with the same lender until the new deal starts, if one is available.

Question 14

Alsager property market: September 2026

Accepted Answer

The Alsager property market in September 2026 is stable, with a median asking price of around £320,000 across 91 homes for sale, according to Perch's Alsager market dashboard updated 4 September 2026. Sold prices are up around 3% over the past 12 months on the same source, following a post-2023 cooling. Supply is healthy and demand is steady rather than frantic.

Question 15

What are swap rates, and why do they move my mortgage rate?

Accepted Answer

Swap rates are one of the funding-market measures that can influence a lender's fixed mortgage pricing. When they rise or fall, fixed deals may move even if Bank Rate has not changed.

Question 16

Do I need a 10% deposit to buy my first home?

Accepted Answer

No. Many lenders accept a deposit of 5% of the purchase price, and a few routes may ask for less. A bigger deposit can open up more options and lower monthly payments, but 10% is not a rule.

Question 17

Can a mortgage adviser adapt how they communicate if I have a neurodivergent condition like ADHD or autism?

Accepted Answer

Yes. A mortgage adviser can adjust how things are explained, how meetings are structured and how information is delivered to suit how you process best. A conversation at the start about what works for you is a practical place to begin.

Question 18

Is financial risk cover worth the monthly cost?

Accepted Answer

For a household with a mortgage, the question is not simply whether the monthly cost is worthwhile. It is what would happen to the mortgage and bills if income stopped and there were no plan in place.

Mortgage Answers