Key takeaways
- The proposed Your First Home scheme aims to help eligible first-time buyers in England secure a new build home with a low deposit.
- A proposed 20% equity loan covers a proportion of the purchase price, reducing the size of the mortgage needed from a traditional lender.
- Official policy confirmation, eligibility rules, and launch timelines are anticipated during the Autumn Budget on 28 October 2026.
Buying your first home can take plenty of saving, a bit of preparation and, sometimes, a helping hand to help you achieve your goal. The proposed Your First Home scheme could offer just that, bringing you a step closer to owning a brand-new Bovis home of your very own.
From exploring how the equity loan is set to work to discovering why a new build home is great for a fresh start, here is a closer look at what the Your First Home scheme means for your upcoming move.
What is Your First Home scheme and who is it for?
Your First Home is a proposed government-backed equity loan scheme designed to give first-time buyers in England a little extra help towards buying a new build home.
Under the plans announced so far, you could secure a new build home with a deposit starting from 2.5%, while the government provides an equity loan of up to 20% of the purchase price. A mortgage lender would then cover the remaining balance, bringing the dream of your own home that bit closer.
The equity loan is expected to be interest-free for an initial period, and income limits alongside local property-price caps are expected to apply, but final terms, eligibility rules and repayment details are still to be confirmed as the scheme progresses.
How will the equity loan work alongside your mortgage?
Your First Home is designed to work directly alongside your main borrowing, with the government equity loan sitting right next to your deposit and mortgage. By contributing your 2.5% deposit and using the 20% government loan, the amount you need to secure through a mortgage is reduced, helping monthly payments feel more manageable.
For example, on a new Bovis home priced at £250,000, the figures could break down as a £6,250 deposit, a £50,000 government equity loan, and a mortgage covering the remaining £193,750. You can learn more about how this buying scheme works on our Your First Home page here.
As part of this first-time buyer scheme, you will still need to satisfy a mortgage lender’s standard affordability assessments alongside any government criteria. Speaking to a qualified financial adviser beforehand is essential for clarifying your actual borrowing capacity and estimating monthly costs before reserving a new home.
When can you apply for Your First Home?
The government is scheduled to publish more information about the Your First Home during the Autumn Budget on 28 October 2026, which is expected to clarify qualifying thresholds, local price caps, and repayment terms.
Until the details are formalised, our Sales Teams remain available to help you explore our available homes, talk you through our range of available schemes and answer any questions you have about the buying journey.
Why choose a new Bovis home for your next chapter?
Buying a new home with Bovis offers an easy start, including modern kitchens, cosy bedrooms and high-quality finishes that feel welcoming from the moment you turn the key.
You get to avoid the hidden repair lists and dated interior updates that frequently accompany older properties, allowing you to settle into your surroundings right away. Our homes are also built with energy-efficient specifications from day one to help keep household bills down, while a comprehensive new build warranty offers added peace of mind during your early years of homeownership.
Your First Home has been announced by the government but is still awaiting official confirmation. Rules on who can apply, deposit rules, price caps, income limits, interest-free periods, and repayment terms may all change before the scheme officially launches.
Frequently Asked Questions about Your First Home
Is the Your First Home scheme currently available for applications?
No, while the government has announced this first-time buyer scheme, it has not yet opened for formal applications.
Will income limits restrict who can apply for Your First Home?
Yes, the government has indicated that regional household income caps and local property-price ceilings will be implemented to target assistance toward buyers who need help with an upfront deposit.
How can I register my interest with Bovis Homes ahead of the launch of Your First Home?
You can speak directly with our Sales Consultants at your preferred development or register your details online to receive updates once the scheme parameters and property availability are confirmed.
What geographic regions will be covered by Your First Home?
The scheme is proposed exclusively for first-time buyers purchasing qualifying new-build properties in England. Separate housing policies and alternative buyer assistance frameworks apply in Scotland, Wales, and Northern Ireland.
