If you’re looking to buy your first home, there’s good news: the UK Government is stepping up support for making mortgages more accessible than before.
What has the UK Government done? Housing Minister Matthew Pennycook and Economic Secretary Lucy Rigby have brought major high street banks together to push for more first-time buyer support across the UK. The aim? Let lenders prioritise first-time buyers using the reforms announced by the Chancellor in July for Leeds. The reforms could help up to 36,000 additional first-time buyers purchase a home in the coming year.
Re-assessment of Mortgage Criteria The Financial Conduct Authority is examining how affordability checks are done, with the goal of simplifying them. That means those prevented from purchasing a home by the old criteria may now find it easier to get approval, provided they meet the basic affordability requirements.
New Mortgage Products Lenders are also exploring new mortgage products (such as low- or no-deposit options) for creditworthy applicants. Banking and building societies are being encouraged to think more creatively about helping new buyers.
What does this mean for you? If you’re struggling to step onto the property ladder, the expected changes could make a real difference. With smaller deposits and more flexible lending, more of your savings might go toward choosing a home rather than meeting past requirements. Your income, credit history and other factors will still factor in to your eligibility for a mortgage, but lenders are moving towards expanding mortgage access.
What should you do next? Take action; the window is open now. Make enquiries, gather documentation, and start your application while current reforms are being rolled out and the mortgages are still available.
If you’re a first-time buyer, these government-backed changes might be exactly the help you need. Reach out to a mortgage adviser today, who’ll know the latest products and can help you see what you might qualify for. They can find out which options you can access, and help you to take realistic first steps onto the housing ladder.
Our agents will be happy to refer you to one of our trusted independent partners for mortgage advice if you ask us to. Feel free to contact your local branch or take a look on our website, here, for more information.
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