The short answer: not on the announcement so far. The Government says Your First Home is expected to support prospective first-time buyers in England buying a new-build property from a developer that has signed up to the scheme.
That means an older or second-hand home is not included in what has been announced. The Government has not yet published the final scheme rules, so it would be wrong to assume that a particular property will qualify before that detail is released.
What has been announced
- The scheme is planned for England.
- It is intended for prospective first-time buyers.
- The property is expected to be a new build from a participating developer.
- The announcement refers to an expected 2.5% deposit and a 20% government-backed equity loan.
- The equity loan is expected to have an initial interest-free period.
What is still to be confirmed
The Government says the household-income cap, local property-price caps, costs and implementation timing will be set out at the Budget. It has not yet published the final application process, the list of participating developers or the full eligibility rules.
So, if you are looking at an older home, the sensible position is to plan on the basis that Your First Home is not currently a route for that purchase. A standard mortgage, a 95% mortgage, Shared Ownership or another route may be relevant depending on the property and your circumstances.
Do not confuse it with First Homes
First Homes is a separate existing scheme. It can apply to qualifying new-build homes and some resales in England, subject to its own local criteria. It is not the same as Your First Home.
The deposit is only one part of buying a home. Legal fees, a valuation or survey, moving costs and any reservation fee can be separate from it.
