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Aldermore first-time buyer lending falls 40 per cent YOY to £165m

  • 28/11/2023
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Aldermore first-time buyer lending falls 40 per cent YOY to £165m
Aldermore’s new lending to first-time buyers came to £165m in 2023, down from £474m in the same period last year.

According to its latest Report to Society, the amount of new first-time lending represents 40 per cent of new owner occupier lending, which is a decrease of 44 per cent last year.

The lender said that over the last four years it had helped over 5,000 individuals and couples buy their first homes.

“First-time buyers very often struggle to get the right support to get on the property ladder. It is vital that we offer the opportunity for more people to purchase their first home, by applying common sense lending decisions, taking into account individual circumstances and history, and providing accessible products and lending criteria,” Emma McCubbin, underwriting manager at Aldermore, added.

On the self-employed side, the firm said that new lending to self-employed owner-occupier customers came to £141m, which was around 35 per cent of new owner-occupier lending. This represents around 575 cases.

Compared to 2022 figures, lending is £165m equal to 26 per cent of new owner-occupier lending and 682 cases.

Aldermore said, in February this year, it had launched a range of buy-to-let mortgage products for customers wanting to buy or refinance more energy efficient properties. The number of loans came to 220.

Aldermore Bank CEO Steven Cooper (pictured) said: “I’m proud to have published our second annual Report to Society which lays out the positive impact Aldermore has had on the communities in which we serve.

“This bank was set up almost 15 years ago to help those the traditional high street lenders typically overlooked and our report shows that we still have this same purpose at the heart of everything we do.”

He added: “Over the last year, we’ve helped hundreds of people get on to the property ladder for the first time and helped small businesses right across the country build and grow for the future.

“Amongst other things, we’ve also introduced a savings account with great rates that supports those who understand the importance of putting money aside but might just have a small amount to save, while widening our apprenticeship and internship schemes so that people from all backgrounds can have great career opportunities.”

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