AMI welcomes new first-time buyer scheme
28 September 2026
Monday 28th September 2026, London
The Association of Mortgage Intermediaries (AMI) has welcomed the government's announcement of Your First Home, while stressing that the detail of the scheme will be critical to ensuring it delivers meaningful support for first-time buyers.
The new scheme will allow eligible first-time buyers purchasing a new-build home in England to put down a deposit of 2.5%, supported by a government-backed equity loan of 20%. Household income and local property price caps will apply, with further details due to be announced at the Budget on 28 October.
Stephanie Charman, chief executive of AMI, said:
"We welcome the government's focus on helping more first-time buyers into homeownership. The deposit remains a significant barrier for many aspiring homeowners, particularly those without access to family support, and it is positive to see that the scheme will include income and property price caps to target help where it is most needed.
"The success of the scheme will depend on getting the detail right. A 2.5% deposit represents a change from the 5% minimum under the previous Help to Buy scheme and lenders will need to consider product design, systems and how these applications work in practice. Mortgage advisers will have an important role in helping consumers understand whether the scheme is right for them and, crucially, whether the borrowing remains affordable over the longer term.
"We also need to understand how the property price caps will interact with existing first-time buyer Stamp Duty thresholds and whether sufficient suitable new-build homes will be available in the areas where buyers need them.
"Your First Home should be a stepping stone into sustainable homeownership, not a sticking plaster for the wider challenges facing first-time buyers. Helping people overcome the deposit hurdle is positive, but affordability remains a challenge and we need to ensure there are enough suitable homes for them to buy.
"There is much to welcome in today's announcement. We look forward to working with government, lenders and the wider industry as the detail is developed ahead of the Budget."
