Your First Home: What Andy Burnham's New Scheme Means for First-Time Buyers.
On 26 September 2026, on the eve of his first Labour Party conference as Prime Minister, Andy Burnham announced a new scheme aimed squarely at first-time buyers. It's called "Your First Home", and if you've been saving for a deposit, you'll want to understand it. Here's our honest take on what's been announced, what's still unknown, and what it could mean for buyers in Retford, Worksop and Bassetlaw.
How the scheme works.
Based on what's been announced so far:
You put down a deposit of just 2.5%.
The government lends you 20% of the property's value as an equity loan.
Your mortgage covers the rest, roughly 77.5%.
The equity loan is interest-free for an initial period.
It's for first-time buyers in England buying new-build homes.
On a £200,000 new build, that means a deposit of around £5,000, a government loan of £40,000 and a mortgage of about £155,000.
The Prime Minister says it's designed for people with a steady income who don't have help from the "bank of mum and dad". Buyers with large savings or high salaries are expected to be excluded.
What we don't know yet.
Quite a lot, honestly. The government has said full details will come in the Budget on 28 October. The key questions are:
How long the interest-free period lasts, and what you'll pay afterwards?
What the property price caps will be?
What the income and savings limits will be?
Pre-registration is expected to open before the end of the year.
Sound familiar?
It should. Your First Home is very similar to the old Help to Buy scheme, which also offered a 20% equity loan on new builds. The big difference is the deposit: 2.5% rather than 5%. Help to Buy did get a lot of people onto the ladder. But the government's own evaluation found that many buyers could have bought without it, and homes bought through the scheme often sold at a premium. Critics, including the Conservatives, have warned the new scheme could push up new-build prices and leave buyers with more debt. Those are fair concerns, and the price caps in the Budget will tell us a lot.
The things to think about.
An equity loan doesn't make a home cheaper. It changes how you pay for it. Because the loan is a percentage of the home's value, if prices go up, you pay back more. A smaller deposit can also mean fewer mortgage deals and higher rates. And crucially, this is new builds only. Much of the stock in Retford and Worksop is period terraces, 1930s semis and established family homes. If that's what you want, this scheme won't help with it.
Other changes for first-time buyers.
Lifetime ISA: The government has confirmed it will be replaced by a new First Time Buyer ISA, expected from April 2028, with no withdrawal penalty. If you already have a LISA, you can keep paying in, and the current 25% bonus is still well worth having.
Stamp duty: No change. First-time buyers still pay nothing on the first £300,000 of a home worth up to £500,000, which covers the vast majority of homes locally.
Mortgage rates: These still depend more on the Bank of England and the markets than on Downing Street. The base rate is 3.75%, with the next decision on 5 November.
Our advice.
Don't put your plans on hold waiting for a scheme that hasn't fully launched. Keep saving, get a mortgage Agreement in Principle so you know where you stand, and register with local agents so you hear about homes early. If Your First Home turns out to be right for you, you'll be ready to move quickly. If you're thinking about buying your first home in Retford or Bassetlaw, come and talk to us. We'll give you a straight answer about what's realistic.
Call us on 01777 566400 or visit alexanderjacob.co.uk.
Honest. Human. Here for You.
We're estate agents, not financial advisers. Please speak to a qualified mortgage adviser before making financial decisions.
Sources: BBC/Guardian/Independent reporting 26 Sept 2026; Tembo Money summary (30 Sept 2026): 2.5% deposit, 20% equity loan, new-build only, Budget 28 Oct, LISA replacement April 2028, base rate 3.75%, next MPC 5 Nov; Help to Buy evaluation.