The housing minister, Matthew Pennycook, and economic secretary to the Treasury, Lucy Rigby, will meet with senior representatives from major high street banks today, as the government steps up efforts to increase homeownership and expand access to affordable housing under its Plan for Change.
The ministers are expected to urge lenders to prioritise support for first-time buyers, encouraging the use of recent reforms announced in Leeds by the chancellor in July. These changes are designed to help more people on lower incomes and with smaller deposits access mortgage finance.
According to government estimates, the reforms could enable up to 36,000 additional first-time buyers to purchase homes within the first year. In parallel, the Financial Conduct Authority is working to simplify lending criteria, including adjustments to affordability checks, to ensure more borrowers can access credit within safe, regulated frameworks.
Today’s meeting follows a similar roundtable held last week with building societies, where lenders discussed innovative mortgage products—such as low or no-deposit options for creditworthy applicants—as part of wider efforts to open up the housing market.
The Building Societies Association also outlined plans for a public awareness campaign to highlight these new lending options. The campaign aims to close the gap in public understanding and show that homeownership may be more attainable than many buyers realise. The government has committed to supporting the initiative and will continue to explore further ways to expand access to homeownership.
Rigby 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, added: “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societies and other lenders on how to better support people who can demonstrate affordability but have been excluded by outdated regulations.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.”
Housing minister vows ‘smooth transition’ to help industry prepare for Renters’ Rights Bill
Read the orginal article: https://propertyindustryeye.com/housing-minister-to-meet-major-banks-in-push-to-strengthen-first-time-buyer-support/
