For many people — especially first-time buyers — getting onto the property ladder has felt increasingly out of reach. But thanks to a wave of innovation from lenders, the mortgage market is becoming more accessible.
With house prices back on the rise and deposits continuing to be a hurdle for many, product innovation is playing a vital role in helping more people take that all-important first step. Encouragingly, we’re now seeing lenders develop creative new products and policies that support buyers who can afford a mortgage but don’t fit traditional lending criteria.
More lenders embracing joint borrower, sole proprietor mortgages
One of the most promising areas of progress is the growing adoption of joint borrower, sole proprietor (JBSP) mortgages. While JBSP is not a new concept in the industry, it has historically been underutilised by mainstream lenders due to the need for more complex systems and manual underwriting.
That is beginning to change.
More than 10 lenders now offer JBSP products, including NatWest, which recently became the second major high street bank (alongside Barclays) to add the scheme to its offering. This is a significant boost for first-time buyers, who can now access support from family members without adding them to the property deeds — potentially preserving valuable stamp duty exemptions.
Tackling the deposit challenge
Another major barrier to buying a home is the deposit. Some lenders are responding with smart solutions that reduce upfront costs for buyers.
- Skipton Building Society recently introduced a “delayed start” mortgage, which allows first-time buyers to delay their first mortgage payment for up to three months.* This gives buyers time to settle into their new home and cover early expenses — without dipping further into their deposit.
- Yorkshire Building Society is offering mortgages with deposits as low as £5,000, which could be as little as 1% on a £500,000 property. This scheme is available to first-time buyers and could be a lifeline for those struggling to save the more typical 5% deposit.
Improving income multiples for affordability
Affordability calculators and income multiples have traditionally restricted what buyers can borrow — especially in high-cost areas. However, falling interest rates and improving disposable incomes are prompting some lenders to enhance their criteria.
- Nationwide’s “Helping Hand” scheme now allows eligible borrowers to access up to 6x their joint income, provided they take out a five- or ten-year fixed rate mortgage.
- New lenders such as Perenna and April Mortgages are also shaking up the market. Perenna offers up to 6x income multiples on long-term fixed rates, while April is pushing boundaries with up to 7x income multiples and even 100% mortgages back on offer. Naturally, these products carry higher interest rates, reflecting the additional risk — but they offer valuable solutions for buyers who might otherwise be locked out of the market.
A more open market — but expert guidance matters
With more lenders entering the market, new product innovation, and falling interest rates, the outlook for first-time buyers is finally beginning to shift. But navigating this evolving landscape can be complex.
Some of the most competitive and flexible mortgage products are only available through intermediaries, and lender criteria can vary significantly. That’s why speaking with a qualified broker is so important.
At Chase de Vere, we offer a fee-free mortgage advice service. Our experienced team can help you understand your options and find the mortgage that’s right for your circumstances — whether you’re buying your first home, moving up the ladder, or supporting a family member.
If you’d like to explore your mortgage options, please get in touch. We’re here to help.
*Terms and conditions apply. Product availability and eligibility criteria vary by lender and are subject to change.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The information contained within this article is for guidance only and does not constitute financial advice.
Content correct at time of writing.