Your First Home scheme calculator
What is ‘Your First Home’ scheme?
A new government equity loan scheme to help first-time buyers in England buy a new-build home with a small deposit. Your home is paid for in three parts:
Your deposit
From 2.5%
You pay this up front. A smaller deposit means you can buy sooner, but you borrow more.
Government-backed equity loan
20%
It pays for 20% of the home. Interest-free at first. You repay 20% of your home’s value later when you sell.
Your mortgage
Up to 77.5%
You pay this back monthly. A smaller mortgage means a smaller monthly payment.
See if you can use Your First Home scheme, and how it compares with a standard mortgage.
The government has only confirmed price caps for a few local authorities so far, and we’re waiting for more details. Don’t worry. For now, pick the area closest to you. Your result may change once yours is confirmed.
Frequently asked
Your First Home
questions
- How much can I borrow with a mortgage?
- What are the current UK mortgage rates?
- Working out what you can afford when buying a home
- Finding and choosing a mortgage
- What are the different types of mortgages?
- What are mortgage terms and how do they work?
- How do lenders use your credit score for mortgage applications?
- What’s the difference between a hard and soft credit check?
What is the Your First Home scheme?
The Your First Home scheme is designed to help first-time buyers in England buy a new-build home with a smaller deposit. The government will provide an interest-free loan towards the purchase price, alongside the buyer’s deposit and mortgage.
You can read about the Your First Home scheme in more detail here.
How much deposit do I need for the Your First Home scheme?
The scheme is designed to allow eligible first-time buyers to buy with a deposit of 2.5%.
How is Your First Home different to Help to Buy?
Like the now-closed Help to Buy scheme, Your First Home is designed to make buying a home more accessible by combining your deposit and mortgage with a government loan. However, Your First Home is a new scheme with its own eligibility rules and restrictions. The main difference is the deposit amount required.
Who is eligible for the Your First Home scheme?
Your First Home is for eligible first-time buyers purchasing a new-build home in England. Other eligibility criteria, including income and property price limits, also apply. You can find the full eligibility requirements in our Your First Home scheme guide.
How much can I borrow under the Your First Home scheme?
How much you could borrow will depend on factors including your income, deposit, mortgage and the amount available through the government loan. Use our Your First Home calculator to get an estimate of what you could afford.
What house price can I afford with the Your First Home scheme?
This will depend on your circumstances, including your income, deposit, mortgage and the government loan you’re eligible for. Use our Your First Home calculator to estimate the property price you could afford.
Your home may be repossessed if you do not keep up repayments on the mortgage. Early Repayment Charges may apply if you leave your current mortgage during the fixed-rate period. Rightmove is not authorised to give financial advice. Please seek advice from a regulated mortgage adviser.