Principality’s mortgage application data shows that first-time buyers are selecting a range of different strategies as they looked for ways to secure their first home.
Of those buyers engaging with joint borrower sole proprietor (JBSP), Shared Ownership and gifted deposits mortgages, between 71% and 80% were found to be first time buyers.
As part of its commitment to first-time buyers, Principality Building Society partnered with Verve, a global market research agency to take a closer look at the home buying experience.
In 2023, Principality helped more than 8,000 first-time buyers purchase a home, up from 4,587 in 2022.
Helen Lewis, national intermediary manager at Principality Intermediaries, said: “We understand the challenge first time buyer face in the current climate.
“Our research with Verve will help us continue to shape our product and proposition development for these buyers.
“It has also highlighted the role brokers play and their importance, as borrowers are looking for certainty, support and solutions to help them take their first steps towards home ownership.”
Over the coming months, the lender will work to share its findings with the broker community and showcase the range of mortgage options available to make homeownership more accessible for the different types of first-time buyers identified by the research.
