Leeds Building Society, in partnership with fintech business Life Moments, has launched an online tool that provides impartial guidance on the various available paths to homeownership open to prospective first-time buyers.
The ‘First Home Helper’ tool goes live on the Leeds Building Society website today (11th July), with the aim of helping homeowners navigate their buying options.
The tool runs through a series of questions with the aim of providing useful tips tailored to their current financial situation, help them understand how much they may be able to borrow and how much they should put away each month, and provide highlights of different mortgages and schemes that are available.
The options could include standard or low deposit mortgages, Rent to Own schemes, family guarantor mortgages, joint borrower sole proprietor mortgages, and Shared Ownership.
The tool will deliver suggestions for routes to homeownership for first-time buyers who are unclear about the options available to them.
Leeds Building Society conducted research last year, showing how confusing first-time buyers found the home buying process.
More than a third (36%) of people had never heard of Shared Ownership, though the society saw a 19% increase in applications for Shared Ownership mortgages from Jan-May 2022 to Jan-May 2023.
Vanessa Roberts, head of strategy and responsible business at Leeds Building Society, said: “There has never been a more challenging time to get on the housing ladder, and for many the home buying process can feel confusing and overwhelming.
“Leeds Building Society’s new First Home Helper online tool will allow those aspiring to get onto the property ladder to explore the different routes to homeownership and offer tips that might help them get onto the property ladder sooner.”
She added: “Helping aspirational homeowners to get a foothold on the ladder is at the heart of our purpose.
“Creating this new tool in partnership with Life Moments allows us to support first-time buyers as they navigate the options available to them and give them the confidence to take the first steps towards buying their own home.”
