New Government First-Time Buyer Scheme Announced

The Government has announced plans for a new first-time buyer scheme, Your First Home, which is expected to be confirmed at next month's Budget. The initiative aims to help more people onto the property ladder by reducing the size of the deposit needed to buy a home.

Under the proposals, eligible first-time buyers purchasing a new-build property in England could buy with a deposit of just 2.5%, supported by a 20% government-backed equity loan. The scheme is also expected to include an initial interest-free period, helping to make monthly repayments more affordable.

Further details, including income thresholds and property price caps, are expected to be announced as part of the Budget.

What could this mean for first-time buyers? For many people, saving for a deposit is one of the biggest hurdles to homeownership. If introduced as proposed, the scheme could provide new opportunities for buyers who may previously have found it difficult to take that first step onto the property ladder.

As with any government-backed homeownership initiative, it is important to understand how the scheme works, any eligibility requirements and the longer-term implications of equity loans before proceeding.

Specialist support for new-build and shared ownership purchases

We have a dedicated New Build Conveyancing Team with extensive experience acting for buyers purchasing newly built homes from many of the UK's leading housebuilders. The experienced New Homes team, led by Natasha Jessop work closely with developers, sales teams and mortgage lenders to help transactions progress as smoothly as possible and meet often demanding exchange deadlines.

Our team also regularly assists clients purchasing through Shared Ownership schemes, providing clear guidance throughout the process and helping buyers navigate the additional requirements these purchases can involve.

Whether you are purchasing your first home, buying a new-build property or exploring shared ownership opportunities, our experienced conveyancing team is here to support you every step of the way. To find out more about our residential conveyancing services, get in touch with our team today.