What you need to know about Your First Home scheme for first-time buyers

You could argue Your First Home (YFH) is effectively an updated version of the Conservatives’ flagship help to buy scheme, which ended in 2023.

YFH applies to England only and is just for prospective first-time buyers hoping to buy a new-build flat or house.

Those taking part, who buy a home from a participating developer, will be offered a government-backed “equity loan” worth 20% of the purchase price. This will be interest-free for the first five years.

Meanwhile, the minimum deposit the buyer will have to put down will be just 2.5% (the maximum deposit will be 15%). That means buyers will only need to take out a standard repayment mortgage for 77.5% of the property’s value.