Last month, the government announced plans for Your First Home (YFH) , a scheme which aims to give a helping hand to first-time buyers who do not have the luxury of being able to call on the “bank of mum and dad”.

YFH applies to England only and is just for prospective first-time buyers looking to buy a new-build flat or house.

It is intended to help buyers who have a regular income but have been unable to save for a large deposit or don’t have financial support from their family.

Those taking part in the new scheme will be offered a government-backed equity loan worth 20% of the purchase price.

Meanwhile, the minimum deposit the buyer will have to put down will be just 2.5%.…