It’s January again and it seems like everyone is planning for the year ahead. But why limit those vision boards to pictures of foreign holidays, health goals and professional ambitions? What about some financial objectives? The start of a new year is a great time to think ahead – whether for 2026 or beyond. But, according to recent research, around 80 percent of people planning to buy a home in the next five years are not completely confident in getting approved for a mortgage.
Negativity destroys confidence
Mortgage Adviser, Jo Jingree, doesn’t find this statistic surprising: “People often rely on social media or family members for their information. This can lead to them feeling very negative about their prospects of getting on the property ladder. But so much has changed in the world of mortgages. And lenders now offer a range of new options to make property ownership a realistic ambition.”
So, what’s new for first time buyers?
- There are a variety of ways that family can help you get on the property ladder. Whether that’s helping with your deposit, providing a guarantee or applying for a mortgage on a joint borrower, sole proprietor basis.
- People often assume that they either need to be able to buy on their own or as part of a romantic relationship. But buying property with a friend, depending on circumstances, could also be a viable alternative to renting. And a Solicitor can draw up an agreement to cover what would happen if your circumstances change.
- Some lenders will now let you borrow up to six times your income. Obviously, affordability is a key factor in deciding whether this is suitable for you. But there are products of this type aimed specifically at first time buyers.
- Shared ownership continues to be an option for first time buyers. This enables you to buy a portion of a property and pay rent at a subsidised rate on the remainder. Over time, you can increase your percentage of ownership. These schemes generally apply to new build properties. Or potentially purchasing a property from an existing shared ownership scheme.
- Saving for the deposit is often the biggest barrier for first time buyers. But, in some cases, there are alternative schemes available that can help buyers who do not have a traditional deposit. Such as family assisted options or lender supported solutions.
- There are also some lenders who require no deposit, or a £5000 minimum amount. Obviously, there are risks associated with these types of mortgages. But an adviser will be able to talk these through with you to make sure it’s suitable.
Making the dream a reality
Jo says: “If home ownership is an ambition for 2026 or beyond then book a call with a mortgage adviser. Don’t worry about it being too early. Having that conversation with a professional is a useful way to get up to date and accurate information for your specific circumstances. And there may be some financial tweaks you could make now to put you in a better position when you’re ready to buy”
Keen to talk mortgages? Multi-award-winning mortgage adviser Jo deals with first time buyers, remortgages and has a wide range of experience in helping those who are self employed onto the property ladder.
She offers a free 30 minute no obligation phone call. So, whether you’re coming to the end of a mortgage deal or are looking to buy your first home, do get in touch.
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances, but we estimate it will be £399.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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