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BREAKING: Just A 2.5% Deposit To Buy Your First Home

Chidera Peters

60,027 views

First time buyers in England can now buy a home with a 2.5% deposit under a new UK Government scheme called Your First Home, announced by Andy Burnham.

In this video I break down exactly how the new 2.5% deposit scheme works: the 20% government equity loan, the interest-free period and what it really costs to pay back, whether you can use it if you are on a visa and if it counts as public funds, and whether I actually think it is a good deal for first time buyers.

The full rules are confirmed at the Budget on 28 October, with pre-registration expected by the end of 2026, so this is everything we know so far, and what is still just a guess.
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RESOURCES MENTIONED

➡️ First-time buyers guide (New build edition): https://stan.store/thechiderapeters/p...

➡️ House viewing and move-in day checklist: https://stan.store/thechiderapeters/p...

➡️ Book your FREE initial call with a Mortgage Advisor I recommend http://apply.firsttimefinance.co.uk/c...
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DISCLAIMER: This is not personal finance advice. Always speak to your personal finance or mrotgage advisor for tailored financial advice
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TIME STAMPS
0:00 The new 2.5% deposit scheme
0:31 What the government has announced
1:44 Requirements
3:58 How the numbers actually work
5:06 The interest-free period, and paying it back
8:02 Can migrants apply? Is it public funds?
9:05 My honest verdict: is it a good deal?

Thanks for watching!

#FirstTimeBuyer #YourFirstHome #PropertyUK
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20 Comments

@ChideraPeters Creator 4 days ago (edited) Pinned

What do you think? Is this scheme a good idea?

➡ First-time buyers guide (New build edition): https://stan.store/thechiderapeters/p/get-your-guide-now-kv6ey
➡ House viewing and move-in day checklist: https://stan.store/thechiderapeters/p/get-your-house-viewing--movein-checklist-now
➡ Book your FREE initial call with a Mortgage Advisor I recommend http://apply.firsttimefinance.co.uk/chidera-peters

@Citiesrestored1 3 days ago (edited)

May mortgage not be your biggest achievement in life I pray

@IF2941 4 days ago

They could’ve just worked to reduce the house price by 20% and there’d be no need for a loan.

@chrisayfagram664 4 days ago

See clarity, articulation and proper analysis. You’re best at this

@egg3376 4 days ago

All this is to prevent house prices from falling 😑

@leonpiano_music 3 days ago

This is a trap guys and has been here before in the form of Help to Buy. They have literally just changed the name. It’s a very complicated way to buy a home specially when the time comes to sell it. When the interest free period ends all of sudden your mortgage becomes really expensive.

@YellowBlossom-zd4yk 4 days ago (edited)

A similar scheme existed around 5 years ago.
It would be good to find personal experiences of those who went through the previous scheme.
Any such person here?

How did it go in the first few years when they had to pay the mortgage and put money aside to pay-back the Equity Loan?

@theram21 4 days ago

This video is great, thank you for making this digestible and including graphics. It helps soo much ❤ hyped 3 times so people can learn what’s coming

@carolinafeltrin7803 4 days ago

I’m so pleased to see your video! I was already thinking would Chidera release another amazing content related to this new project?

@khaleesib7846 4 hours ago

This was so helpful thank you!

@uncensoredjessica 2 days ago

Amazing!! So much detailed 🎉

@VictorUbani-b5i 4 days ago

You did justice to it.

Looking forward to the follow up, just that the govt is like a liche.

@prez.allstar2735 4 days ago

Great vid. Very insightful 👌

@paakwegyir 4 days ago (edited)

With this scheme you have to start paying off the government loan from the get go...by the time the interest free period ends you would have increased your equity....

@naturelove3199 4 days ago

Nicely explain thank you❤

@abimbolaogunleye1241 2 days ago

After your watching your videos I always say this: CHIDERA, MAY YOUR HEAD NEVER LACK OIL!

You know how to explain these things! God bless you

@brownbabygirl 4 days ago

You got yourself a new subscriber 🎉

@lekanasipa 3 days ago

@Chidera Peters I used the HTB scheme back in 2016 as an immigrant on a work visa to buy my first home. No issues at all with public funds as I got my ILR in 2018. Note that the HTB in scotland then had no repayment period or interest to pay back the government.