First-time buyer scheme wins support from East Yorkshire housebuilder

Beal Homes has welcomed the Your First Home scheme, a government-backed equity loan programme for first-time buyers that is expected to begin taking customer applications in February 2027. The regional housebuilder is encouraging prospective buyers to pre-register with the company ahead of the launch.

Richard Beal, Chief Executive of the family-owned and managed business, said the initiative could help young people overcome barriers to buying and provide support for the housing market and wider economy. Beal Homes operates across Hull, East Yorkshire and Lincolnshire.

The scheme is designed to help first-time buyers purchase new-build homes in England with a smaller deposit and mortgage. Government guidance says eligible buyers will be able to put down at least 2.5% of the purchase price and use a 20% government equity loan, which will be interest-free for five years, alongside a repayment mortgage from a participating lender.

The Government has confirmed £4.7 billion in funding over five years and expects the scheme to help around 70,000 households in England onto the housing ladder. Local property price caps and household income limits will apply. The scheme is expected to open for customer pre-registration by the end of December 2026, with the first loans due from April 2027.

Beal said: “There is no shortage of young people who want to buy their first home. What’s been missing is a realistic way for many of them to do it. The Budget confirmation of the introduction of the Your First Home scheme can close that gap and support many thousands of young people to take their first step onto the housing ladder.

“That’s why we welcome Your First Home. We also support the focus on first-time buyers and purchase price caps related to local property prices. These factors will ensure the scheme helps those most in need of support with their house purchase and provide a stimulus that will flow through to other levels of the housing market.

“The scheme recognises the critical role housebuilding plays in driving economic growth. It also addresses cost of living pressures, as many of the buyers taking advantage of the scheme will benefit from paying less in mortgage repayments than in rent.

“We’re sure Your First Home will be very popular, and that’s why we’re inviting first-time buyers to pre-register with us so they’re in pole position to secure their first home using the scheme when it opens for first customer applications in February 2027.”

Beal Homes said pre-registration would put interested buyers in a position to pursue a home through the scheme once applications open. Final eligibility details, participating developers and lenders, and the homes available are to be published before launch.