Peter joins roundtable with Chancellor to discuss support for first-time buyers

The Chancellor of the Exchequer heard about the innovative ways The Cambridge is helping people onto the housing ladder during a roundtable about how to strengthen support for first time buyers.

Peter Burrows, our Chief Executive, 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.

We were named Best First-Time Buyer Mortgage Provider for the third consecutive year at the MoneyNet Awards in January – for supporting first-time buyers through a range of innovative products, including our innovative Rent to Home scheme.

Peter 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.”

We'll be opening our next round of applications to our Rent to Home scheme from Wednesday 11 March.

To discuss a product or talk through a case, call 0345 601 2744 or email the intermediary team at intermediary@cambridgebs.co.uk.