Your First Home ‘a gateway’ to wider mortgage advice, says CEO
Your First Home is an opportunity to engage with borrowers about the full range of mortgage options now on market, says the chief executive of a large brokerage, even if the scheme itself is unsuitable.
John Phillips (pictured), chief executive of Just Mortgages, hopes that with the Budget over there will be a release of pent-up demand and enquiries from those interested in finding out if they’ll be eligible for the scheme and, in turn, discuss alternative solutions.
“While the scheme has its sceptics,” he said, “there’s a real opportunity to view it as the gateway to a broader conversation around the full range of options that are available right now to make homeownership a reality.
“Even if the scheme helps brokers to engage positively with prospective clients or encourage them to open the door and seek advice, I’d count that as a real win.”
Leading up to the Budget, John Everest, director of Everest Mortgage Services said it had been a “very busy” two weeks of speculative enquiries from first-time buyers wanting to know about the Your First Home scheme and other lower deposit mortgages.
“I’ve had younger first-time buyers getting in touch with me,” he said. Some have recently had pay rises, he added, and felt in a position to chat to an adviser.
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“Buyers are being more realistic,” he said. “They can’t wait forever and they realise rates aren’t coming down. And, while they’ve been waiting lenders have increased their loan to incomes (LTI).”
Between Q3 2025 to Q2 2026, the proportion of high LTI mortgages as a share of all mortgage lending has risen from 9.7% to 14.1%, according to the Prudential Regulation Authority.
Although Everest thinks it is unlikely that first-time buyers in Brighton, where he is based, will be able to use the scheme – with few new-build properties under construction – higher LTIs coupled with a pay rise has increased their borrowing power and access to other mortgage deals.
Phillips said: “As we head towards the end of the year, brokers will need stay proactive and remain visible, using all the tools at their disposal to give clients confidence and help them navigate this changing market.”
