The change that may help you get a mortgage as a first-time buyer
So a bigger loan has become the only option for many potential buyers.Regulation limited how much lenders were able to lend - technically, only 15% of their new mortgages could be at higher than 4.5 times loan-to-income. Many of the big lenders played it very safe meaning they didn't get close to the limit.The changeBut those rules have been relaxed, external over the last year.
- ▪So a bigger loan has become the only option for many potential buyers.Regulation limited how much lenders were able to lend - technically, only 15% of their new mortgages could be at higher than 4.5 times loan-to-income.
- ▪Many of the big lenders played it very safe meaning they didn't get close to the limit.The changeBut those rules have been relaxed, external over the last year.
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| Original publisher | BBC News — Business |
| Canonical URL | https://www.bbc.co.uk/news/articles/cp3rkzpl7ngo?at_medium=RSS&at_campaign=rss |
| Publication time | Sun, 02 Aug 2026 23:16:32 GMT |
| Retrieval time | 2026-08-02T23:20:41.004Z |
| Last seen | 2026-08-02T23:20:41.004Z |
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The change that may help you get a mortgage as a first-time buyerImage source, Getty ImagesByKevin PeacheyCost of living correspondentPublished3 minutes agoIf you're working towards buying your first home you might feel like everything is stacked against you - but recent changes could help you get a mortgage.It hard to save for a deposit when the cost of living is so high, the average house price is nearly £300,000, external and interest rates on new mortgages are rising.However, a rule change and more flexible lending mean first-time buyers can now borrow up to six, or at the most, seven times what you earn in a year.This means mortgages will be within reach for more people but it is a shift that comes with some risk so here's what you need to know.The backgroundReckless mortgage lending…
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