Peter Burrows, Chief Executive of The Cambridge, joined senior leaders from 13 building societies in Leeds on Friday (27 February) for discussions with the Rt Hon Rachel Reeves MP.
The Chancellor heard how mutuals are working to turn homeownership from a distant aspiration into a realistic opportunity by helping people with smaller deposits and complex incomes – and she offered her full support for the sector’s campaign encouraging potential first-time buyers to “think again” about what may be possible.
The Cambridge – which was named Best First-Time Buyer Mortgage Provider for the third consecutive year at the MoneyNet Awards in January – supports first-time buyers through a range of innovative products, including its innovative Rent to Home scheme.
Peter Burrows, Chief Executive at The Cambridge, said:
“Building societies are essential to a flourishing UK housing market, particularly for first-time buyers who remain relatively underserved by other mortgage lenders. We play a vital role in helping people onto the property ladder and it was fantastic to hear that recognised by the Chancellor in her Spring Statement.
“I highlighted The Cambridge’s unique Rent to Home scheme – which helps aspiring first time buyers break out of the rental trap – to the Chancellor to show how mutuals think more creatively to help people realise their dreams of home ownership.”
New research from the Building Societies Association (BSA) shows that many aspiring first-time buyers could be closer to owning a home than they believe.
Two thirds (67%) said they would be able to buy sooner than expected after being shown low or no deposit mortgage options available through building societies, highlighting a significant gap between perception and reality.
Despite this, almost half (47%) of prospective buyers have never spoken to a lender or broker to understand their options. More than half of those who have sought advice in the region have not done so in the past year.
Building societies now provide 35% of all first-time buyer lending. Almost half (46%) supports borrowers under 30, nearly a quarter (23%) helps those with deposits under 5%, and one in ten (10%) supports first-time buyers aged over 45.
Chancellor of the Exchequer Rachel Reeves said:
“For too long, homeownership has felt out of reach for young people.
“We’re changing that by building 1.5 million new homes this Parliament and reforming mortgage rules so more first-time buyers can get the keys to their first home. I welcome the Building Societies Association’s work to help people understand the options available to them.”
The Cambridge will be opening applications to its Rent to Home scheme this month. To find out more information and to register your interest visit www.cambridgebs.co.uk.
You can also view their full range of first-time buyer mortgage products and arrange an appointment with a mortgage adviser on our website.
