Average age of first-time buyer in the UK rose to almost 34 last year, according to Barclays’ proprietary data, as people increasingly have to delay purchasing their first home.
Property prices and the cost of a deposit identified by renters as the biggest barriers to ownership, with three in four saying home ownership does not feel within reach in their lifetime.
Barclays Mortgage Boost can help address the challenges facing first-time buyers, enabling family or friends to help make a first home affordable without them having to lend or gift money directly.
Barclays is offering Mortgage Boost to new and existing customers, a proposition allowing family or friends to increase – or ‘boost’ – the amount that can be borrowed towards a home, without having to lend or gift money directly and without the need for a larger deposit.
For example, if you have an income of £37,500 a year and a deposit of £30,000, then the maximum you may be eligible to borrow could be £168,375, which means that you could purchase a home worth up to £198,375. However, with Mortgage Boost and another person willing to join the application, the amount you can borrow could increase significantly. Say a parent joins, and they also have an income of £37,500 – then you could be able to borrow a total of £270,000, allowing you to purchase a home worth up to £300,000.
Mortgage Boost is being offered amidst an increasingly difficult landscape faced by those looking to buy a property and could be of particular benefit to first-time buyers who face affordability issues, one of the most significant barriers to getting on the property ladder.
According to Barclays’ proprietary data, the average age of a first-time buyer in the UK rose to nearly 34 in 2024, up from just over 31 only two years earlier, as people increasingly have to delay purchasing their first home.
Barclays’ most recent Property Insights report identifies the main barriers to home ownership as high prices (40 per cent) and the cost of a deposit (37 per cent).
It also highlights that people may be prioritising trying to save for a deposit over other major life moments, with nearly one in five (17 per cent) saying they would delay or decide not to get married, and one in ten (9 per cent) stating they would delay or decide not to have children in order to save more to buy a property.
Renters are particularly pessimistic about their ability to save enough to buy their first home, with three in four saying it does not feel within reach in their lifetime and nearly six in ten (57 per cent) believing they would find it impossible to buy without financial help from a family member.
Sian McIntyre, Managing Director of Life Moments at Barclays, said:
“Buying a first home is a hugely important step in life and one that has unfortunately become tougher for many in recent years. We know people feel like they have to make huge compromises in order to save for a large deposit, and that family may want to help but cannot afford to."
“Mortgage Boost can help answer these challenges, supporting people to buy their first home earlier and without giving up on their other dreams.”
How Mortgage Boost works
Mortgage Boost enables family or friends to join a mortgage application as a named party, but they won’t own the property or be named on the title deeds. Their income is used to increase the amount that can be borrowed under the mortgage, and they will be jointly and severally liable from the outset, along with the buyer. Booster(s) will be a full party to the mortgage and undergo full credit checks, and the mortgage will show on their credit report. The Booster(s) supporting the application will need to obtain Independent Legal Advice in order to ensure they understand the impact the mortgage could have on their own finances, credit history and ability to borrow.
Mortgage Boost is available to both first-time buyers and existing homeowners and can be used across all Barclays standard residential products, so applicants have access to new purchase and remortgage rates offered. It can also be used to apply for buy-to-let mortgages. Mortgage Boost cannot be used alongside other special products or schemes, including Family Springboard, Right to Buy, First Home Fund, Help to Buy Equity or Mortgage Guarantee Scheme.
All mortgages are subject to application, financial circumstances and borrowing history. T&Cs Apply. The mortgaged property may be repossessed if the borrowers do not keep up repayments on their mortgage.
For more information about Mortgage Boost, visit here.
