What we know this morning
The Chancellor delivers the Autumn Budget today, 28 October. The government said on 26 September that its new Your First Home equity loan scheme for new-build homes in England would be confirmed at the Budget, with the income and price caps due today. Until the detail is published, treat any headline as provisional.
Stamp duty is not expected to move this time: the Prime Minister ruled out changes at this Budget in July. For first-time buyers in England, that means no stamp duty on the first £300,000 and 5% on the portion up to £500,000. Above £500,000, the relief is not available.
Why the numbers matter more than the headlines
Borrowing costs have risen this year. Moneyfactscompare figures published today show the average two-year fix at 95% loan-to-value is now 6.38%, up from 5.41% in November 2025. Rightmove's October report (19 Oct) put the average two-year fix across all deposit sizes at 5.55%, with first-time buyer asking prices at £225,627, down 0.5% on a year ago.
Put simply, prices have flattened but monthly costs have climbed. Lenders test affordability on today's rates, so a scheme alone may not close the gap. As Moneyfactscompare's Rachel Springall put it, "One scheme alone will not turn the market around."
Where a bigger deposit helps
Rates are usually tiered by loan-to-value. Moving from a 5% to a 10% deposit can open a wider choice of lenders and products, and a gifted deposit from family is accepted by many lenders with the right paperwork. If you are buying a new-build, check whether the scheme's caps fit your budget before you reserve.
Quick tips
- Wait for the official detail. Read the scheme's final income and price caps before committing to a reservation fee.
- Run your stamp duty figure at your target price, especially if it is near £300,000 or £500,000.
- Get your documents ready: three months' payslips, bank statements, ID and proof of deposit.
- Gifted deposit? Lenders usually need a signed gift letter and evidence of where the money came from.
- Keep credit clean: avoid new credit applications in the months before you apply.
Our CeMAP-qualified advisers search the whole of the market for first-time buyers and can check today's announcements against your plans. Try our stamp duty calculator, download the free first-time buyers guide, see how we helped a family with a gifted deposit in Birmingham, and tick off our mortgage documents checklist.
Sources
- Property Industry Eye / Moneyfactscompare, 28 October 2026
- Rightmove House Price Index, 19 October 2026
- Autumn Budget 2026 and stamp duty, updated 22 October 2026
- GOV.UK: Stamp Duty Land Tax residential rates
To talk it through, contact us or start your enquiry.
Important: This guide is general information, not personal advice. Rules, rates and lender criteria change; speak to an adviser about your circumstances. Your home may be repossessed if you do not keep up repayments on your mortgage.