Getting on the UK housing ladder is never a simple one, especially for first-time buyer mortgage UK applicants who are eager to balance rising house prices with limited savings. Yet Halifax, one of the UK’s largest mortgage lenders, has recently made a major change to its lending policy that could be just what first-time buyers need.Since August, Halifax has provided £4 billion of support to help first-time buyers to buy their first home. The lender is now following up on that pledge with a further £4 billion of support, reserved exclusively for first-time buyers needing to borrow 4.5 times their household income or more annually.
What’s New in Halifax’s First-Time Buyer Mortgage Criteria?
- Maximum Loan-to-Income (LTI): Increased to up to 5.5 times for eligible first-time buyers.
- Eligibility Criteria:
- Total employed household income of £50,000 or more
- Loan-to-Value (LTV) of 90% or less
- Not using Shared Ownership or Shared Equity schemes
For a household income of £50,000, the maximum borrowing amount jumps from approximately £224,500 to around £275,000 giving buyers a better chance of affording the property they want.
Why Supporting First-Time Buyers Matters
First-time buyers are the lifeblood of the UK property market. Without them, the housing chain slows down, and homeowners looking to move struggle to sell. However, many first-time buyers find themselves locked out due to high property prices, especially in cities like London, Bristol, and Manchester.
By increasing the borrowing multiple, Halifax is making it possible for more people to take that all-important first step into homeownership. This doesn’t just benefit the individual buyer, it stimulates the wider housing market, creating movement at every level.
How Oportfolio Mortgages Can Help
While Halifax’s changes are a positive step, navigating mortgage criteria and finding the right deal can still feel overwhelming, especially for those buying their first home. At Oportfolio Mortgages, we specialise in helping first-time buyers secure competitive mortgage deals and guiding them through the entire process from start to finish.
Our team can:
- Help you understand your maximum borrowing potential
- Compare deals across multiple lenders (not just Halifax)
- Explain all your options clearly so you can make informed decisions
- Support you from your first enquiry to collecting your keys
Ready to Buy Your First Home?
If you’re looking for your first-time buyer mortgage and want expert advice tailored to your financial situation, get in touch with Oportfolio Mortgages today.
