The short answer: no. Your First Home is a newly announced proposed scheme; Help to Buy: Equity Loan is closed to new applications in England. They have a similar broad idea, but the final rules for Your First Home have not been published.
What they appear to have in common
The Government has announced that Your First Home is expected to support a 2.5% deposit alongside a 20% government-backed equity loan for eligible first-time buyers purchasing an eligible new build in England. Help to Buy also used an equity-loan structure for eligible buyers.
An equity loan is different from a standard mortgage. It is separate borrowing connected to the home, so it needs to be understood alongside the mortgage, deposit and other buying costs.
What you should not assume
Do not assume that Your First Home will use the old Help to Buy rules. The Government has not yet confirmed the household-income cap, local property-price caps, costs, repayment detail, the length of the initial interest-free period or the start date.
For people who already have a Help to Buy equity loan, the existing loan remains on its own terms. GOV.UK says its repayment is based on the equity-loan percentage and the market value of the home at the time of repayment. That does not tell us how Your First Home will work.
What has been confirmed about Your First Home
- It is planned for England.
- It is intended for prospective first-time buyers.
- It is expected to apply to a participating developer's new-build property.
- It is expected to include a 2.5% deposit and a 20% government-backed equity loan.
- The loan is expected to have an initial interest-free period.
The right way to use this information for now is as a watch-list item, not as a reason to reserve a property or count on a particular repayment structure before the official terms are available.
