Bellway is hosting First-Time Buyer Events across Tyne and Wear this weekend to help people understand the new Government Your First Home scheme, details of which have recently been announced. The events take place on Saturday 31st October and Sunday 1st November, starting at 10am, at developments including Falcon Grove and Roman Court in Lower Callerton, Elemore in Easington Lane, Summerhill View in Ryton, Western Grange in Killingworth, and Woodland Edge in Killingworth, where Bellway builds under its Ashberry Homes brand.
Scheme details and eligibility
The Your First Home scheme was initially announced by the Government in September and is aimed at first-time buyers who need a minimum 2.5% deposit. A 20% Government-backed equity loan would be available towards the purchase price, with a 77.5% mortgage from a participating lender covering the balance. The scheme applies to new-build homes from participating housebuilders in England only, with an annual income limit of £110,000 or less outside London and £140,000 within London.
Buyers will own the property from the day of completed purchase, meaning the Government will not be a joint owner or landlord, and the equity loan will be interest-free for the first five years. The loan is linked to the total value of the property, so the amount repaid may change as the home's value changes. Additional eligibility checks, which may include property price caps and income checks, are still to be confirmed, and more details on the repayment scheme are expected in the new year. The Government has said the loan will normally be repaid when the home is sold, but it can be partially or fully paid before then.
Local couple's experience
Jacob Southgate and Harmony Pearce bought their first home a year earlier than expected after receiving a deposit contribution from Bellway. They purchased a two-bedroom semi-detached Joiner house after spending the previous year living with Jacob's parents to save for a deposit. Jacob said: "We knew we wanted to buy new because of the convenience, the price, the incentives and the fact no-one has lived in it before. We were thinking of either two or three bedrooms but when we looked at the plans for the Joiner we realised it has everything we needed."
He added: "The plan was always to put down 10% so without the contribution from Bellway we would have waited as the monthly mortgage payments would have been too much. It would probably have taken us another 8 to 12 months to save up what we needed so this has helped us to buy our own place much sooner. We're so excited to have our own space, somewhere that's ours."
Events and support
Emma Chesterton, Sales Director for Bellway North East, said: "We understand that the home buying process can seem daunting, especially for first-time buyers and our aim is to make it as easy as possible." She added: "The Government's new Your First Home scheme could enable first-time buyers to purchase a new home with just a 2.5% deposit." The Government announced £4.7 billion of funding for the scheme over five years, and it is expected to open for applications in February 2027.
Emma said: "We know people will have questions about what it really means for them in practice, so we've organised these First-Time Buyer Events as soon as possible after the Budget to guide them through it all. The events will also be an opportunity to find out more about the range of support and incentives that are already available, such as deposit contributions, discounted home schemes and low or no-deposit homes. First-time buyers will also be able to speak with New Homes Mortgage Helpline, who can talk them through mortgages and what's possible for them."
People can book an appointment at their chosen development or drop in on the day.
