Chancellor Rachel Reeves has backed the Building Societies Association’s (BSA) ‘Think Again’ campaign for aspiring homebuyers, following a meeting with 13 senior leaders from UK building societies.
The chancellor (pictured) heard how building societies are supporting people with smaller deposits, complex incomes and non-traditional work patterns, and lent her support to their campaign for aspiring homebuyers to think again about what might be possible.
A survey of 1,000 aspiring home owners carried out by Opinium for the BSA found that 67% of respondents would be able to enter the market sooner if low or zero deposit mortgages from building societies were available. However, 47% had never approached a lender or mortgage broker to discuss their options.
Speaking at the Leeds meeting, which included representatives from Nationwide, Coventry, Leeds, Yorkshire and Skipton building societies, the chancellor said she welcomed the BSA’s work to help people understand the options available to them.
BSA chief executive Sarah Harrison welcomed the chancellor’s backing for the campaign and the opportunity to discuss options for first time buyers.
“Too many people assume homeownership is out of reach without ever checking what is available to them,” she said.
“Building societies were set up to help ordinary working people buy their own homes, and that hasn’t changed. Whether it’s a smaller deposit, flexible ways of looking at income and affordability, or support for people whose circumstances aren’t straightforward, there are more options onto the property ladder than many first-time buyers realise.”
Building societies have long been champions of first-time buyers, with recent figures revealing they provided 35% of all UK first time buyer lending in the first three quarters of 2025.
Options available across the sector include very low or no deposit mortgages, flexible or extended repayment terms, and shared ownership lending. A more personal approach to underwriting can also help borrowers whose personal circumstances may not fit more rigid and automated systems used by other lenders, the BSA said.
The chancellor also heard from first time buyers during the meeting and heard how they’d overcome their challenges of getting on the property ladder with help from building societies.
“It was fantastic to give the chancellor the chance to meet some of our members who’ve benefited from changes we’ve made to be able to buy their first home,” said Annette Barnes, interim chief executive of Leeds Building Society.
“For example, we lowered the minimum household income required to apply for one of our Income Plus mortgages to £30,000.
“We’re always looking for new ways to responsibly help more people achieve their homeownership dream.”
