Supporting your first-time buyer clients: the reality behind ‘boomeranging’ home
As a broker, you’ll know just how many clients are struggling to take that first step onto the property ladder. Rising rents, soaring house prices, and the ever-increasing cost of living means that saving for a deposit can often feel out of reach.
The result? More and more young adults are living with their parents for longer. For many, moving back in – or never moving out in the first place – feels like the only way to save enough.
But the reality is, it’s not even as simple as this.
Even with savings and a deposit, plenty still find that once they move into their new home, mortgage and living costs are simply too much to manage comfortably.
The reality behind the front door
Research shows just how stuck first-time buyers are feeling right now:
- 4.9 million adults still live with their parents in Great Britain**.
- And 98% of them can’t afford to buy an average first-time buyer home in their local area based on their financial situation*.
And it’s not only adult children feeling stuck. Parents often put their own plans on hold when kids live at home for longer. Many who want to downsize can’t – even though doing so could free up around £72,400 in equity, or save them £2,390 a year in rent*.
For households with lower incomes, that equity could make up as much as 60% of their total non-property net wealth*. That could make a big difference – especially for parents who want to give their child a boost onto the property ladder.
Fairer chances for first-time buyers
At Skipton Building Society, we think it's fair that first-time buyers deserve a better chance, and brokers deserve better tools, insights and products to help make that happen.
That’s why Skipton Group have developed our Home Affordability Index – to shine a light on the real challenges first-time buyers face, and to support you with products and insights that could make a genuine difference for your clients.
Let’s skip to solutions – our Track Record mortgage
For many first-time buyers, the biggest hurdle isn’t affordability, but the deposit. Nearly a third of the people we spoke to say they had moved back home after living elsewhere^. Many do so to save for a deposit.
Our Track Record mortgage was created to tackle just this deposit problem.
- Available with less than 5% deposit – or even no deposit at all.
- Open to buyers aged 21 or above who have paid all rent on time for 12 months in a row, within the last 18 months.
- Clients can’t have owned a property for the last three years.
After all, if your clients have already proved they can pay rent at the same (or even higher) level than a mortgage repayment, why should a deposit be the one thing holding them back?
Income booster – it could give first-time buyers a little boost
For many, family support plays a huge part in making the home-owning dream a reality. And 68% of people we spoke with said they’d consider help from family and friends^.
We know that family members and friends often want to help but can’t always hand over a big lump sum. That’s where our Income Booster mortgage comes in – it allows up to three additional applicants to be added to the mortgage application, without making them the legal owners of the property. All additional applicants will need to take independent legal advice.
We factor in all of the incomes when your client applies for a mortgage, meaning they could borrow more than if they were taking out a mortgage on their own.
- Ideal for clients who want to buy a home, but their income and outgoings mean they can’t borrow the amount they need.
- The Income Booster mortgage provides the best of both worlds for your clients. They still legally own the home, but they’ve got the backing of their family and friends to boost borrowing power.
- Income Booster is a joint mortgage, so all borrowers will share legal responsibility for the mortgage repayments. All supporting borrowers must get independent legal advice.
Track Record and Income Booster mortgages are subject to eligibility and lending criteria.
Lifetime ISA – more possibilities
If your clients have a Lifetime ISA (LISA) with Skipton and are saving towards their first home or retirement, there are some handy membership benefits up for grabs.
Even better, eligible LISA members could borrow up to six times their income. This could make a big difference when every bit of affordability counts.
A range for first-time buyers
While our products are designed to make a real difference today, we know the housing crisis won’t be solved by lenders alone. Until first-time buyers can both afford to buy and live in their homes, the system isn’t working.
Currently, it feels like too many first-time buyers are at risk of being permanently locked out of the housing market. But that’s where you come in – as a broker, you’re the bridge between the challenge and the solution. This is why it’s so important you have the right tools, research and products to help you present realistic and responsible solutions to your clients.
That’s why we’re also campaigning for bigger changes from the government – like more tax-free savings products, making sure Stamp Duty Land Tax thresholds keep up with inflation and turning the government’s homeownership targets into reality. We’re pushing for a housing market that truly works for first-time buyers.
Explore Skipton’s first-time buyer range today – and let’s help more of your clients turn homeownership into reality.
Track Record and Income Booster mortgages are subject to eligibility and lending criteria.
*Skipton Group Home Affordability Index 2025
^72 Point Survey 2025 commissioned by Skipton Building Society
**Office for National Statistics (2021)
