Help to Buy and First Homes: what still exists in 2026

Which scheme exists where

First Homes (England)

A First Home is sold for at least 30% less than its market value, and up to 50% less. It can be a new home from a developer, or a home resold through an estate agent that someone else first bought under the scheme. GOV.UK sets these conditions:

• you are 18 or older and a first-time buyer (all buyers, if buying together);
• you can get a mortgage for at least half the price;
• your income, or your joint income, in the previous tax year was no more than £80,000 before tax (£90,000 in London);
• the home will be your only or main residence.

Price cap. A new-build First Home cannot cost more than £250,000 after the discount (£420,000 in London). The council can set a lower maximum, and can add local criteria (key workers, local residents, lower incomes) for the first 3 months a home is on sale. Developer incentives such as cash back must not be worth more than 5% of the discounted price.

The discount stays with the home. When you sell, you can usually sell only to an eligible buyer, at the surveyor’s valuation minus your original discount. GOV.UK’s example: valued at £200,000 with a 30% discount, the maximum sale price is £140,000. You can let the whole home for no more than 2 years in total, with the council’s agreement, longer in listed situations such as a job move or redundancy. If a First Home does not sell for 6 months or more, you can ask the council for permission to sell on the open market.

Help to Buy - Wales

Gov.wales describes an Equity Mortgage for new-build homes bought from a registered builder:

On a £200,000 home, that is £10,000 of deposit, £40,000 of equity mortgage and a £150,000 mortgage (gov.wales example). The maximum price is £300,000. You must not sub-let any part of the home, or rent your current home while buying a second one through the scheme.

Scotland

Mygov.scot lists these current schemes:

• First Homes Fund: up to £10,000 for first-time buyers, for a home of up to £300,000. The Scottish Government owns a matching share: on a £100,000 home with £10,000 from the fund, it owns 10%. You need a mortgage on the property.
• Open Market Shared Equity: for an existing home, you pay a 60% to 90% share and the Scottish Government holds the rest.
• New Supply Shared Equity: for a new-build home, you pay 60% to 80%.
• Shared Ownership: a 25%, 50% or 75% share from a housing association, with an occupancy charge on the rest.

Mygov.scot does not give closing dates or eligibility for each scheme on the pages read; check the scheme page or ask the administering body before you count on it.

If you already have a Help to Buy equity loan (England)

GOV.UK sets out the rules for existing borrowers:

• Interest: none for the first 5 years. In year 6, 1.75% of the amount originally borrowed, paid monthly. The rate then rises every April by CPI + 2% (or RPI + 1% for the 2013 to 2021 scheme).
• Management fee: £1 a month until the loan is repaid.
• Repayment: based on the loan percentage and the market value when you repay, not the amount borrowed. The smallest part repayment is 10% of the market value. You must repay in full at the end of the term (normally 25 years), when you pay off your repayment mortgage, or when you sell.

GOV.UK example. A home bought for £200,000 with a 20% loan (£40,000): year 6 interest is £700, or £58.33 a month. If it sells at £250,000, you repay 20% of £250,000: £50,000.

Interest and fees do not reduce the loan itself. A chartered surveyor’s valuation report is needed for each repayment.

Which professional to consult

A mortgage adviser checks which scheme your lender accepts. A conveyancer explains the resale and letting restrictions. For a repayment valuation, see the valuer. Related: first-time buyer relief and deposit and loan to value.