First Home · the first-time buyer's guide
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Ashford & Vane
First Home
The first-time buyer's guide
The new 20% loan from the Budget, and what a first home really costs here
Chesterfield and the Peak District · Autumn 2026
Welcome
Your first rung, explained
The Budget on 28 October 2026 confirmed Your First Home, a government loan of 20% towards a new-build home. In Chesterfield, half of all homes sold for under £200,000 last year. Here's how the scheme works, what it costs, and what a first home really costs across our patch.
General information, not financial advice. Scheme facts checked on gov.uk on 28 October 2026.
Inside
Budget news · 28 October 2026
Your First Home, in one page
- 20%
- of the price, lent by the government
- 5 years
- interest-free on that loan
- 2.5%
- the smallest deposit you can put down
- New builds
- only, in England, as your main home
- £110,000
- household income limit (£140,000 in London)
- Spring 2027
- the first homes bought through it
How the 20% loan works
A £200,000 new home
You put down £10,000, the government lends £40,000, and your mortgage covers the rest.
- Your deposit (5%)£10,000
- Government loan (20%)£40,000
- Your mortgage (75%)£150,000
Without the loan
£190,000
mortgage, 95% of the price
With the loan
£150,000
mortgage, 75% of the price
A smaller share usually means a lower mortgage rate. With the smallest deposit, £5,000, the mortgage would be £155,000.
Paying it back
Free for five years, then a small charge
- Years 1 to 5£0No interest on the £40,000 loan
- Year 6£6001.5%, about £50 a month
- Year 7 on£1,2003% a year, about £100 a month
The interest doesn't pay the loan off. You repay the loan itself when you sell, or sooner if you like, and it's 20% of what the home is worth then.
Home worth £220,000
£44,000
to repay
Home worth £180,000
£36,000
to repay
Fees and the exact repayment rules are due before applications open.
Who can use it
Tick all six
- You're a first-time buyer
- You're buying a new-build home in England
- It will be your main home
- Your household earns £110,000 or less (£140,000 in London)
- You have a deposit of at least 2.5%
- The home is under the local price cap, from a builder and lender in the scheme
There's no age limit.
Price caps
Set council by council
| Middlesbrough | £220,000 |
| North Devon | £320,000 |
| Manchester | £355,000 |
| Reading | £375,000 |
| Outer London | £500,000 |
| Inner London | £650,000 |
The caps for Chesterfield and Derbyshire aren't out yet. The full list is due shortly, and we'll add ours here.
Key dates
- By the end of December 2026Pre-registration opens, with guidance for buyers. Registering doesn't commit you to anything.
- February 2027Applications are expected to open.
- April 2027The first homes are sold through the scheme.
The catch
New builds cost more
The scheme only covers new homes. Chesterfield, 2024 and 2025:
| Type | New | Older | Extra |
|---|---|---|---|
| Detached | £370,724 | £315,000 | +18% |
| Semi-detached | £199,995 | £185,000 | +8% |
| Flat | £144,995 | £119,500 | +21% |
Homes bought new and sold again rose 12% over about 4 years, against 14% for homes in general.
Before you reserve, ask the builder
- Is the home freehold or leasehold, and are there estate management charges?
- Which warranty does it have, and for how long?
- Is the price the same with and without any incentive?
- When will it really be finished, and what if it's late?
Where they're building
New homes in our patch
| Area | New homes a year | Typical price |
|---|---|---|
| Chesterfield | 150 | £284,996 |
| Wingerworth | 23 | £317,675 |
| Darley Dale | 18 | £247,500 |
| Matlock | 10 | £425,000 |
Busiest new-build streets in Chesterfield
| Burlington Street | 25 sales | £144,995 |
| Curlew Street | 25 sales | £192,995 |
| Elizabeth Rise | 22 sales | £361,796 |
| Swan Street | 20 sales | £173,995 |
| Aspire Way | 19 sales | £369,995 |
Street totals from Land Registry, 2024 and 2025. Which builders join the scheme is due before it opens.
Chesterfield, around the Crooked Spire
What a first home costs here
Half sell for under £200,000
In Chesterfield, 50% of homes sold for under £200,000 over Sep 2025 to Aug 2026. The typical terraced home went for £150,000, a semi for £192,500 and a flat for £115,500.
Area by area
From cheapest to dearest
| Area | Terraced | Semi | All homes |
|---|---|---|---|
| Whittington | £141,000 | £180,000 | £172,000 |
| Staveley | £156,500 | £175,000 | £180,000 |
| Brimington | £138,750 | £175,000 | £180,000 |
| Hasland | £146,500 | £192,500 | £185,250 |
| Chesterfield | £150,000 | £192,500 | £200,000 |
| Brampton | £145,000 | £211,000 | £204,000 |
| Newbold | £167,500 | £208,975 | £230,000 |
| Darley Dale | £210,000 | £230,000 | £270,500 |
| Matlock | £220,000 | £250,000 | £275,000 |
| Wingerworth | £210,000 | £240,000 | £295,000 |
| Dronfield | £206,500 | £273,000 | £300,000 |
| Walton | £185,000 | £237,000 | £305,000 |
| Bakewell | n/a | £382,500 | £365,000 |
Typical (median) sale prices over the last year, Land Registry. n/a means fewer than 5 sales.
Your deposit
How much you'd need
| Price | 2.5% | 5% | 10% | 15% |
|---|---|---|---|---|
| £150,000 | £3,750 | £7,500 | £15,000 | £22,500 |
| £200,000 | £5,000 | £10,000 | £20,000 | £30,000 |
| £250,000 | £6,250 | £12,500 | £25,000 | £37,500 |
Stamp duty for first-time buyers
Nothing up to £300,000
| £200,000 | £0 |
| £300,000 | £0 |
| £350,000 | £2,500 |
| £450,000 | £7,500 |
| £500,000 | £10,000 |
| £510,000 | £15,500 |
Above £500,000 the first-time buyer relief goes and you pay the full rates. Unchanged in the Budget.
Saving the deposit
The Lifetime ISA
- £4,000
- the most you can pay in each year, if you opened it aged 18 to 39
- +25%
- added by the government, up to £1,000 a year
- £450,000
- the most your first home can cost to use it without a charge
New in the Budget
From 29 October 2026, buying above £450,000 costs 20% of what you take out, down from 25%. A new First Time Buyer ISA replaces the Lifetime ISA for new savers from April 2029. Accounts already open carry on.
Chesterfield, with the station line: Sheffield in about 15 minutes
The other costs
Budget about £4,450 on top
| Solicitor, including VAT | £1,500 |
| Searches | £350 |
| Survey (RICS Level 2) | £600 |
| Mortgage arrangement fee, where charged | £1,000 |
| Removals | £1,000 |
Rough starting points. Get quotes, and use our stamp duty calculator for the full cost of moving.
Step by step
From saving to the keys
- Check your credit file. It's free with the main credit reference agencies. Fix any mistakes and get on the electoral roll.
- Save the deposit and the costs. Budget for the solicitor, survey and moving as well as the deposit, and keep three months of bank statements tidy.
- Get an agreement in principle. A lender's rough idea of what you can borrow. It shows sellers and builders you're ready.
- Register for Your First Home. If you're looking at new builds, pre-register from December 2026. It doesn't commit you.
- View, compare and offer. Compare new homes with older ones nearby. Our area guides show what homes really sell for, street by street.
- Instruct a solicitor and a survey. On a new build, ask about the lease, estate charges and the builder's warranty.
- Exchange contracts. You pay the deposit and the date is fixed. From here, pulling out costs money.
- Complete and collect the keys. On a new build, list any faults in the first weeks so the builder puts them right.
Ashford & Vane
A property guide to Chesterfield and the Peak District
ashfordandvane.co.uk/advice/first-time-buyers
General information, not financial or mortgage advice. Scheme details: gov.uk, Your First Home, published 28 October 2026, and Budget 2026. Prices: HM Land Registry, Open Government Licence v3.0. Photographs: stills from drone films on Pexels.