Research suggests that nearly half of people have a second form of income, with much of this trend being driven by the millennial and Gen Z generations, covering people aged up to 44.

Coinciding with a growth in self-employed workers, it has never been more important for lenders to show their understanding and support for borrowers with mortgages to suit.

The ‘vanilla’ first-time buyer is no longer typical, but that does not mean these borrowers should not have access to the same broad range of mortgages.

Newcastle for Intermediaries wants to understand each borrower and will lean on its manual underwriting processes to ensure complex cases are given the attention they need. This hands-on approach is crucial to truly appreciate the circumstances of the potential buyer and see how they might fit the mutual’s criteria.

Deciding to take on a second job or a side hustle is a clear sign that first-time buyers are determined to do what it takes to achieve their dream of homeownership, despite house prices continuing to escalate and driving the deposit goalpost further away.

That is why we lend up to 95% LTV on properties up to a value of £500,000 through our standard residential lending, to give borrowers the best chance of getting the home they want.

Drawing on multiple sources to improve their financial standing is not just done through additional work or side hustles, as many first-time buyers turn to family to help with purchasing.

An availability of options for those relying on family is needed, particularly as the trend – which has already seen the Bank of Mum and Dad surge to become the country’s fifth-largest lender – is only set to grow.

Newcastle for Intermediaries’ joint borrower sole proprietor mortgage goes up to 95% LTV to accommodate those with the smallest deposit, while the family purchase mortgage is available up to 100% of the sale price, up to 95% of the open market value, or 95% LTV for dependent purchases.

This is even more important due to the affordability challenges first-time buyers continue to come up against, with the gap between the loan size amount needed to purchase and the amount they are eligible for widening in the last decade.

The value of homeownership schemes cannot be ignored either.

The most recent data suggested there were around 202,000 households living in shared ownership properties in England in 2020 and the development of 20,363 new properties in 2022 to 2023. This is the highest for almost a decade and a testament to the growth of this tenure, particularly following the removal of Help to Buy.

Further, just over 20,000 of the shared ownership homes delivered in that period were new build, so it makes sense to have a product suite to match.

Newcastle for Intermediaries will lend up to 95% LTV of the borrower’s share on houses and flats, giving an equal chance to borrowers regardless of the home they choose to purchase.

The mutual will allow new build incentives of up to 5%, which is useful to buyers who are increasingly favouring developer-led benefits and, in some cases, choosing to purchase these homes for this reason.

An awareness and consideration of newer schemes is a must, as the sector must also support innovative ideas aimed at increasing homeownership.

Mortgage brokers should keep abreast of all the different conditions and rules of each scheme as well as what lenders will accept.

For example, the First Homes scheme – which Newcastle lends up to 95% of the discounted price on – may have different conditions depending on which local authority the property is in.

Catering to the unique needs of first-time buyers does not mean neglecting borrowers with straightforward circumstances.

If anything, borrowers with fewer complexities should be able to be processed more smoothly, so time and resources can be dedicated to the trickier cases.

That is why Newcastle decided to launch a refreshed mortgage platform last year to streamline the end-to-end process and leave the mutual’s expert underwriters available for cases that need a more involved approach.

Clearly, there is no one-size-fits-all approach when it comes to first-time buyers, who range from the simpler cases the market may have been used to in the past, to the emerging aspiring homeowners who may not have cookie cutter circumstances.

This does not mean the market should be more difficult to cater to or navigate.

As long as there are lenders offering a wide range of options to suit multiple needs, advisers will be able to continue to do their part by brushing up on their knowledge and being prepared to help the next generation of homeowners.