New research from the Building Societies Association (BSA) suggests confidence in the mortgage market is improving, with fewer people seeing access to mortgage finance as a barrier to homeownership than in previous years.
However, affordability continues to be the biggest challenge facing aspiring homeowners, particularly first-time buyers trying to save for a deposit and manage monthly mortgage repayments.
At Newbury Building Society, we believe that while affordability pressures remain, a range of innovative lending solutions can help more people take their first step onto the property ladder.
Making homeownership more accessible
Every buyer's circumstances are different, which is why a one-size-fits-all approach doesn't work for everyone. Newbury Building Society offers a range of first-time buyer mortgages designed to support customers with varied and sometimes complex income circumstances, including those who may not fit the criteria of larger high-street lenders.
One option that can make homeownership more achievable is a Shared Ownership mortgage. Shared Ownership allows buyers to purchase a share of a property and pay rent on the remainder, reducing both the size of the deposit required and overall monthly housing costs. For many people, this can provide a more affordable route into homeownership than buying a property outright.
The Society also supports Joint Borrower Sole Proprietor (JBSP) mortgages, which can help increase 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 options can help address some of the most common barriers facing first-time buyers today.
A common-sense approach to lending
Luke Pummell, Head of Product at Newbury Building Society, said:
"It's encouraging to see confidence in mortgage accessibility improving, but the BSA's research reinforces what we hear every day from customers and brokers: affordability remains the biggest obstacle to homeownership.
For many first-time buyers, the challenge isn't necessarily finding a mortgage lender; it's raising a sufficient deposit and keeping monthly repayments manageable. That's where products such as Shared Ownership mortgages can make a real difference, allowing people to get onto the property ladder with a smaller initial financial commitment.
We're also seeing interest in solutions that allow families to support loved ones into homeownership. Joint Borrower Sole Proprietor mortgages can help boost affordability by allowing a parent or close family member to support an application without being named on the property's title deeds, while gifted deposits remain an important way for families to help overcome one of the biggest barriers to buying a first home.
We take a common-sense approach to lending and look beyond automated credit scoring. Through our affordable first-time buyer options, we're committed to helping customers explore routes into homeownership, particularly those whose circumstances may not be straightforward.
The most important step for prospective buyers is often having a conversation. Many people may be closer to owning a home than they think, especially when they understand the range of options and support available to them."
Exploring your options
While affordability remains a challenge across the housing market, there are more routes to homeownership available than many buyers realise. Whether through Shared Ownership, family-assisted borrowing, gifted deposits or a tailored first-time buyer mortgage, speaking to a lender about the available options can help turn homeownership aspirations into reality.