United Kingdom's HM Treasury convenes major banks to prioritise first-time buyers under Leeds mortgage reforms

HM Treasury announced that the Economic Secretary to the Treasury and the Housing Minister will host a 10 September roundtable with major high street banks to press lenders to make first-time buyers their top priority, alongside the government’s plans to accelerate mortgage reforms and build 1.5 million new homes. The discussion is framed around the Leeds Reforms announced by the Chancellor in July, which are intended to expand access to mortgages for people with small deposits and low incomes, including by letting lenders offer more mortgages at over 4.5 times buyers’ income. HM Treasury expects the changes to support up to 36,000 additional first-time buyers in the first year, while the Financial Conduct Authority is simplifying mortgage lending rules such as affordability checks so more people can borrow within safe and regulated limits. A prior 3 September meeting with building societies highlighted innovative products, including the safe rollout of no and low deposit mortgages for customers with strong credit ratings, and the Building Societies Association shared work on an awareness campaign that the government will continue to explore supporting. HM Treasury stated that attendees for the 10 September roundtable include senior representatives from Barclays, HSBC, Lloyds, Nationwide, NatWest, Santander and UK Finance, following the 3 September session with the Building Societies Association and several named building societies.