28 Sep 2026
New first-time buyer scheme announced by Burnham
Saturday 26th September, Andy Burnham announced a new equity loan scheme called “Your First Home”. The scheme, which will be confirmed at next month’s budget, is aimed at first-time buyers looking to purchase a new-build property from a developer signed up to the scheme.
The proposed scheme is expected to support 2.5% deposits, backed by 20% government-backed equity loans. There will be an initial interest-free period, a household income cap, as well as local property price caps in a bid to help those who need it most.
Burnham said: “Too many young people are struggling with the cost of housing, with many giving up hope of ever having a home to call their own. So, we will step in to help more first-time buyers onto the housing ladder.”
The Chancellor will confirm funding and timelines at the Budget meeting on 28th October.
The First Home Scheme is not to be confused with the First Homes scheme, which offers discounts of at least 30% of the market value on selected new-build homes in England.
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