New Economic Secretary and Housing Minister will host major banks in the Treasury tomorrow as part of plans to create an economy that works for working people.
- Ministers will call on lenders to make first-time buyers their top priority as the government accelerates mortgage reforms and builds 1.5 million new homes
- Roundtable follows the biggest regulatory overhaul to supercharge home ownership by letting lenders offer more mortgages at over 4.5 times buyers' income
The new Economic Secretary and Housing Minister will host major high street banks tomorrow (10 September) as the government focuses on increasing homeownership and delivering more affordable housing as part of our Plan for Change.
Lucy Rigby and Matthew Pennycook will call on lenders to make first-time buyers their top priority, taking advantage of the Leeds Reforms announced by the Chancellor in July to help more people with small deposits and low incomes get a mortgage.
Those changes are expected to help up to 36,000 extra first-time buyers secure their own home in the first year alone, while the Financial Conduct Authority is simplifying mortgage lending rules such as affordability checks so that more people can borrow within safe and regulated limits.
Tomorrow's roundtable follows a meeting last week with building societies, where lenders explained how some of their most innovative products could help thousands more struggling to get on the housing ladder, including safely rolling out no and low deposit mortgages for customers with strong credit ratings.
The Building Societies Association also shared its working on a campaign to raise awareness of these new initiatives, tackling the gap in customer knowledge and helping more buyers realise they can afford homes they thought were out of reach. The government will continue to explore how it can back this effort.
Lucy Rigby, Economic Secretary to the Treasury, said:
Helping first-time buyers onto the housing ladder is central to our Plan for Change.
That's why I'm bringing lenders together to make mortgages more accessible and highlight new options for first-time buyers so more people can finally own their own home.
Robin Fieth, Chief Executive of the Building Societies Association, said:
We welcome the government's efforts to support first-time buyers and are pleased to see engagement with building societies and other lenders on how to better support people who can demonstrate affordability but have been excluded by outdated regulations. Building societies have always led the way in developing innovative solutions to help people into homeownership, and we are ready to do more.
Mike Regnier, Santander UK CEO, said:
We welcome the opportunity to engage with the Economic Secretary and the Housing Minister on the future of home ownership, building on the work that has already been done to enable lenders to support more homeowners and first-time-buyers realise their homebuying aspirations.
