My First Home: A New Opportunity for First-Time Buyers

- Tue 10 Nov 2026

Getting onto the property ladder can feel increasingly challenging, particularly when trying to save for a sizeable deposit. The Government's upcoming My First Home scheme aims to help make home ownership more accessible for first-time buyers by reducing the deposit required to purchase an eligible new-build property.

Expected to launch in 2027, the scheme is designed to support first-time buyers who may otherwise need several more years to save enough to purchase their first home.

How Will the Scheme Work?

Under the proposals announced so far, eligible buyers will be able to purchase a qualifying new-build home with:

A deposit of just 2.5%
A repayment mortgage from a participating lender
A Government equity loan of up to 20% of the property's value

The Government equity loan is expected to be interest-free for the first five years, helping to reduce costs during the early stages of home ownership.

Who Could Be Eligible?

While full details are still to be confirmed, the scheme is expected to be available to:

First-time buyers purchasing a new-build home in England
Buyers intending to live in the property as their main residence
Households with incomes of up to £110,000 outside London
Buyers who satisfy mortgage affordability and lending criteria

As always, obtaining independent mortgage advice will be an important part of the process to understand the options available to you.

Property Price Caps Across the South West

To ensure the scheme remains focused on helping buyers into affordable home ownership, maximum purchase prices have been set for different local authority areas.

Some of the price caps applicable across areas served by Bradleys include:

Area	Maximum Property Price
Exeter	£370,000
East Devon	£325,000
North Devon	£320,000
Cornwall	£310,000
Dorset	£355,000
Somerset (including Taunton)	£315,000

These caps reflect local housing markets and determine the maximum value of homes that can be purchased through the scheme. Across England, price caps range from around £215,000 in some of the country's more affordable areas up to £650,000 in parts of London.

Why Speak to Bradleys?

For those considering a newly built home, Bradleys is ideally placed to help. We market more new homes developments across the South West than any other estate agency in the region, providing buyers with access to a wide range of properties from leading developers.

Whether you're looking for a stylish apartment, your first family home or an energy-efficient new-build property, our 29 office network can help you identify suitable opportunities and guide you through every stage of the buying process.

Register Your Interest Today

Whilst the scheme is not yet open for applications, prospective buyers can stay ahead of the latest announcements by registering their interest through the Bradleys Your First Home webpage.

By registering, you'll be among the first to receive updates on:

Scheme eligibility criteria
Launch dates and announcements
Participating developments
New homes that may qualify under the scheme
Mortgage and buying guidance for first-time buyers

With the widest choice of new homes developments across the region and expert guidance from our New Homes and Mortgage Services teams, Bradleys is perfectly positioned to help aspiring homeowners take advantage of this exciting opportunity as further details emerge.

Please note that all scheme details are based on information currently available and may be subject to change prior to the official launch of the My First Home scheme.

My First Home: A New Opportunity for First-Time Buyers

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