Reaction from Bluestone on the Chancellor's plans to relax mortage rules

17 January 2025

Mark Hollands, Head of Sales & Distribution, Bluestone Mortgages comments on the Chancellor’s plans to relax mortgage rules:

“We welcome the Chancellor’s interest in tackling the challenge of affordability for first-time buyers. For too long, lending rules have been too restrictive, making getting onto and up the property ladder out of reach for many, if they can afford the monthly repayments.

“Our own research found that nearly two fifths (37%) of first-time buyers said affordability is their main barrier to homeownership, while a third (34%) are struggling to raise a large enough deposit.1 As such, we hope to see measures from the government not only focus on easing affordability to open up the market to thousands more participants, but also increasing support for those with small deposits.

“Looking ahead, we would like to see greater collaboration between the government and the mortgage industry to support the root causes of the housing crisis. This includes easing the affordability pressures that prospective buyers face as well as providing innovative solutions that help buyers get onto the property ladder.”