At Arlington Park, we know how daunting it can feel to save for a deposit while navigating the lively Norwich property market. That is why we are thrilled to welcome Alex Hainsby, Director at Humble Mortgages, to share some fantastic news for local buyers. Alex has his finger firmly on the pulse of the mortgage market and brings us exclusive updates that could completely change your property search trajectory.

A Game-Changing 2% Deposit Option

Historically, gathering a sizable deposit has been the biggest hurdle for first time buyers. However, Alex brings brilliant news regarding the award-winning Cambridge Building Society. They have just launched an incredible offering that drastically lowers the barrier to entry.

Their new 'First Step' mortgage allows you to borrow up to 98% of the property value. This means you only need to save a 2% deposit to purchase your first home. Even better, they are offering a 5.5 times income multiple with no minimum income threshold, making it much easier to achieve the loan amount you need for a lovely starter home in areas like Eaton (NR4) or the Golden Triangle.

Leveraging Family Support with JBSP

If affording the monthly repayments on your own feels like a stretch, there is another fantastic route available. The Joint Borrower Sole Proprietor (JBSP) scheme is an excellent solution for young professionals in Norwich.

This setup allows up to two occupiers to live in the property while using the income from up to two close family members to support the affordability calculations. With the income of up to four people taken into account, you can significantly boost your borrowing power. Importantly, the family members assisting do not own a share of the property; they simply help guarantee the mortgage, allowing you to retain full ownership.

Flexible Lending for Complex Incomes

Not everyone fits neatly into a standard financial box, and modern lenders are beginning to reflect this reality. If you are looking at standard 5% or 10% low deposit mortgages, lenders are now far more flexible when assessing affordability.

To help you secure your desired loan amount, many providers will now consider supplementary income streams. This includes income from an established second job, pensions, Universal Credit, or Child Benefit. This holistic view of your finances ensures that hardworking people are not unfairly locked out of the property market.

About the Guest Author

Alexander Hainsby (CeMAP) is the Director of Humble Mortgages. He specialises in helping buyers navigate complex lending criteria to find the perfect mortgage product. To discuss these new first time buyer options, you can contact Alex directly via his website.