Stories

Fri, 23 Oct 2026

Fri, 23 Oct 2026 Earnings limit of up to £140K for first-time buyers loan scheme

The Your First Home scheme will offer government-backed loans for those buying new-builds in England.
The government's new loan scheme for first-time buyers, "Your First Home", will have earnings limits of £110,000 outside London and £140,000 in the capital. The loans will offer 20% equity to buyers of new-build properties in England from participating developers, with an initial interest-free period. To qualify, households must earn less than these thresholds. The scheme aims to help people buy homes with deposits as low as 2.5%. Previous schemes to assist first-time buyers were criticized for allowing relatively wealthy households to borrow more and stoking house prices. The government claims the new scheme will focus on those who "really need support". It is expected to be funded within existing budgets, but Labour has not provided details of which areas will see their spending cut. Developers participating in the scheme will contribute towards running costs. The Conservatives have criticized the plan as a "colossal admission of failure" of Labour's housebuilding record.