New research from the Building Societies Association (BSA) suggests confidence in the mortgage market is improving, with fewer people viewing access to mortgage finance as a barrier to homeownership than in previous years.
However, affordability remains a significant challenge across the market, creating opportunities for brokers to explore alternative solutions for clients whose circumstances may not fit a standard lending approach.
At Newbury Building Society, we believe that combining flexible mortgage options with a common-sense approach to underwriting can help brokers support a wider range of borrowers.
Supporting brokers with affordability solutions
We understand that no two clients are the same, which is why a one-size-fits-all approach doesn't always deliver the right outcome. We offer a range of mortgage solutions designed to support borrowers with varied and sometimes complex circumstances, alongside a personalised underwriting process that looks beyond automated credit scoring.
Shared Ownership mortgages can provide a valuable option for clients looking to reduce both upfront deposit requirements and ongoing mortgage costs. By enabling borrowers to purchase a share of a property and pay rent on the remaining portion, Shared Ownership can offer a more accessible route to homeownership for clients facing affordability constraints.
We also support Joint Borrower Sole Proprietor (JBSP) mortgages which can also help improve affordability by allowing a parent or close family member to support a mortgage application without becoming a legal owner of the property. In addition, gifted deposits can provide valuable assistance to buyers struggling to save a large enough deposit on their own, helping families support the next generation onto the property ladder.
Together, these mortgage options can help brokers find solutions for clients, especially first-time buyers, who may otherwise struggle to meet traditional affordability requirements.
A common-sense approach to lending
Matthew Long, Intermediary Sales Manager, said:
"The BSA’s findings reflect what we regularly hear from brokers - affordability, or perceived affordability, continues to be the biggest challenge facing many first-time buyers.
Products like Shared Ownership and JBSP mortgages can make a real difference, especially when combined with our flexible, personalised approach to mortgage lending. We’re dedicated to helping brokers explore all available options for their clients, particularly those whose circumstances may not fit a traditional lending model.
Many people are closer to owning their own home than they think, and we’re ready to help turn that ambition into reality – if you have a case we can help with, please book an appointment with a BDM, or contact us via our Helpdesk."
Exploring these options
While affordability remains a challenge across the housing market, there are a more routes available than many buyers realise. Whether through Shared Ownership, family-assisted borrowing, gifted deposits or a tailored first-time buyer mortgage, brokers can help navigate affordability barriers and identify a route forward that works for their clients' individual circumstances.
If you'd like to discuss a case with us, whether it's straightforward or more complex, we'd love to hear from you. Call our team, start an instant live chat, or book an appointment with BDM.