The Intermediary – July 2025 - Flipbook - Page 33
RESIDENTIAL
Opinion
Bold collaborations
can build a more
accessible market
F
or many aspiring
homeowners, the dream
still feels out of reach.
High house prices, high
interest rates and rigid
lending criteria make
it especially tough for first-time
buyers and those with less traditional
incomes to get a mortgage.
To change this, we recognise that
lenders like us – along with the wider
sector – must think differently. That
means moving beyond rates and risk
to focus on flexibility, inclusion and
long-term impact.
New solutions
Innovation plays a big role here, but
it’s not only about new technology.
It means rethinking product design,
affordability assessments and how we
work together across the sector.
Our partnership with Gen H,
which we recently extended, is a
strong example of this approach.
By combining the agile, customerfirst methods with our funding and
long-term perspective, we’ve helped
provide nearly £1bn in forward-flow
lending, supporting more than 5,000
homeowners.
Many of these mortgages wouldn’t
have been possible through traditional
routes. Features like incomeboosting options that include family
contributions, alongside smarter
affordability assessments, help reflect
how people live and earn today.
Because the truth is, today’s
borrowers don’t all fit into traditional
boxes. We’ve seen a rise in selfemployment, career switching and
the growth of the gig economy.
According to Office for National
Statistics (ONS) figures, more than
4.2 million people in the UK are selfemployed as of 2024, making up about
13% of the workforce, and many still
GREG WENT
is interim chief lending officer
at Nottingham Building Society
Innovation only
matters when it leads to
better outcomes for real
people. Every decision we
make [...] is focused on
member impact”
struggle to secure a mortgage through
standard criteria. The gig economy
has expanded over the past five years,
increasing the number of borrowers
with non-traditional income streams
who oen require more flexible
mortgage solutions.
Younger generations, meanwhile,
oen rely on family support or joint
applications to get on the ladder.
The UK homeownership rate stands
at roughly 65% as of 2024, with
affordability still a major barrier for
many. If we’re serious about financial
inclusion, we need products and
processes that reflect these realities.
Our partnership with Gen H helps
us respond quickly to the realities of
today’s mortgage market. Together,
we’ve created mortgage products
that reflect how people live and earn
today. It’s a two-way relationship that
shows how working together can lead
to beer, more accessible solutions
for customers.
In a fast-changing market,
approaches and solutions like this
maer more than ever. The average
mortgage product shelf life is now
just 16 days, as lenders adjust to
fast-moving swap rates and shiing
affordability dynamics. The Bank of
England base rate has increased from
0.1% in 2021 to around 4.25% in 2025,
driving up mortgage rates and puing
additional strain on both new and
existing borrowers.
With the average house price-toincome ratio now at about 8.5, the
challenge of homeownership is steeper
than ever for many families. The
UK mortgage market, valued at over
£1.6tn in outstanding mortgages as of
early 2024, cannot afford to stand still.
Above all, at Noingham
Building Society, our core purpose
remains helping as many people
as possible achieve their dream
of homeownership. Especially
those who don’t fit the traditional
borrower mould.
Innovation only maers when
it leads to beer outcomes for real
people. Every decision we make,
whether launching partnerships,
refining underwriting or
adopting new tech, is focused on
member impact.
Market evolution
The future of mortgage lending
depends on strong partnerships and
ambitious innovation. It’s not about
being the biggest or fastest, but about
being bold enough to try new ideas
and wise enough to do so responsibly.
That’s the spirit of our journey with
Gen H, and our broader approach to
developing our mortgage proposition.
We’re proud to support
intermediaries and partners who
share our commitment to purposeful
business. Together, through smart
collaboration and a drive to evolve
the market, we can help more
people access the homeownership
opportunities they deserve. ●
July 2025 | The Intermediary
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