If you are renting in N11 or N22 and considering your first purchase, November 2026 brings a new scheme to understand. The government’s Your First Home announcement sets out an equity loan route for eligible buyers of new-build homes. Applications are expected from February 2027, with customer pre-registration and guidance planned by the end of December 2026.
For buyers around Bounds Green, Wood Green and wider Haringey, the useful next step is to review the announced terms against your finances. A nearby development is not automatically eligible, and pre-registration should not be confused with a published December closing deadline.
Here is what is confirmed so far and what to prepare this November, while further eligibility and application guidance is still to come.
What is the Your First Home scheme?
Your First Home is a newly announced government equity loan scheme for eligible first-time buyers purchasing participating new-build homes in England. The government loan is 20% of the purchase price, alongside a repayment mortgage from a participating lender and a buyer deposit of at least 2.5%. Full eligibility rules are due before applications open.
The equity loan is interest-free for five years. The announced rate is 1.5% in year six and 3% from year seven; paying interest does not reduce the loan balance. A smaller deposit can help with the initial purchase, but buyers still need to pass lender checks and budget for mortgage payments and ownership costs.
The announced London household-income ceiling is £140,000 or less, alongside the other eligibility requirements. Income within the limit does not guarantee an affordable mortgage, an eligible property or acceptance into the scheme.
Why Bounds Green and Haringey buyers are particularly well-placed
The published London price caps are £500,000 for Outer London and £650,000 for Inner London, using the London Plan 2021 classification. That classification places Haringey in Outer London. Confirm the property’s authority area and the final scheme guidance rather than apply one cap to every N11 or N22 address.
For illustration, a 2.5% deposit on a £450,000 eligible home is £11,250, with a £90,000 equity loan and a £348,750 mortgage. This is arithmetic, not a mortgage offer. A standard 95% mortgage would require a 5% deposit of £22,500, subject to lender availability, rather than every conventional buyer needing 10%.
The Haringey Heartlands development
The Haringey Heartlands area includes the redevelopment associated with Clarendon and Alexandra Gate. Council planning material identifies the former Clarendon gasworks site in Wood Green, with housing delivered across separate phases. Phases, tenures and marketed homes differ, so examine the particular plot and its current status.
A large housing programme provides properties to investigate but does not establish scheme eligibility. Participating developers and eligible homes must be confirmed under the government’s published rules before a buyer relies on Your First Home funding for a reservation.
Wood Green regeneration
Wood Green regeneration is another part of the local housing picture. Compare the homes actually available with your budget and travel needs. Bounds Green station is on the Piccadilly line; Seven Sisters is a separate Victoria line location, so check the journey from the chosen property rather than treating the two as one local interchange.
Ellis & Co Bounds Green can discuss available properties and the local area. The team can help you gather information, while confirmation that a developer or plot participates must come from the scheme’s final arrangements.
The Lifetime ISA update you should know about
From 29 October 2026, the Lifetime ISA withdrawal charge is reduced to 20% for eligible first-home purchases above the £450,000 property cap. This is a targeted change, not a general reduction in the charge for accessing savings early.
Other unauthorised withdrawals generally retain a 25% charge. A qualifying first-home purchase at £450,000 or less can remain charge-free if the other conditions are met. For a purchase above the cap, the reduced charge removes the government bonus from the amount withdrawn; it does not make that withdrawal charge-free.
Before using LISA savings, ask your conveyancer and provider how the withdrawal rules apply and seek independent mortgage advice on the proposed purchase. Do not assume that a LISA withdrawal and the new equity loan can be combined without checking the applicable rules and eligibility.
What pre-registration means in practice
The announced timetable is for customer pre-registration and guidance by the end of December 2026, with applications expected from February 2027. No December closing deadline is established by that announcement. Pre-registration does not commit you to a purchase or guarantee funding.
Use the period before launch to assess your deposit, borrowing capacity and likely ownership costs. Once the official process opens, follow the government guidance. There is no confirmed basis for treating early registration as a priority for a particular local home or predicting competition for eligible plots.
Steps to take in November 2026
Review your first-time-buyer status, household income and savings, then discuss affordable borrowing with a qualified mortgage adviser. Compare the announced scheme with other routes available to you. For any property under consideration, check the price cap, developer participation and full scheme terms once confirmed, including repayment costs and any restrictions.
Our Bounds Green team can discuss local homes and introduce appropriate advisers. Keep any purchase or reservation conditional on understanding the funding position, rather than assuming an advertised development will qualify.
Is the Your First Home scheme right for you?
The equity loan is linked to the property’s value, so repayment can rise or fall. A 20% loan normally means repaying 20% of the current value at repayment, based on an independent valuation. The government says repayment will normally occur on sale and that earlier part or full repayment will be possible, with detailed rules still to follow.
For buyers limited by their deposit, the scheme may offer another route to consider. It still involves mortgage debt, later equity-loan interest and ownership costs, including possible service or estate charges. Compare the total cost and your ability to cope with changes, rather than assume a 2.5% deposit makes every eligible home affordable.
Talk to Ellis & Co. Bounds Green this November
November 2026 is a time to understand the announcement and prepare your finances. Customer pre-registration is planned by year-end, rather than a confirmed December application deadline. Keep the February 2027 application target separate from the government’s expected first sales in April 2027.
Whether you are renting in Bounds Green, saving in Wood Green or considering your first purchase elsewhere in N11 or N22, our team can discuss local options and the questions to ask about a home. Financial and legal advisers can assess how any funding route fits your circumstances.
If you own a property and need to understand its value for your moving plans, book a valuation. First-time buyers can contact our team for a discussion of available homes and the next steps for their search.
Get in touch with Ellis & Co Bounds Green to discuss the N11 and N22 markets and your plans. Our team can help you review local options while the full Your First Home guidance and participating developments are confirmed.
