Should Mortgage Rules Be More Flexible to Help First-Time Buyers and the Self-Employed?
Getting a mortgage in today’s market isn’t always straightforward — especially if you’re self-employed, renting long-term, or looking to buy later in life. But that could be about to change.
Could Mortgage Rules Soon Change for the Better?
And what that could mean for buyers in Hull and East Yorkshire
The Financial Conduct Authority (FCA) — the UK’s financial watchdog — has launched a review into whether mortgage lending rules need to be more flexible to reflect modern life. It’s asking whether the current system supports how people actually live and work today — and whether it's holding back good buyers from getting on the property ladder.
How has the mortgage market changed?
Over the last decade, the way people live, work, and retire has evolved. Meanwhile, property prices across the UK — and especially here in Hull and East Yorkshire — have risen faster than wages. That’s made it harder for many would-be buyers to take their first step.
The FCA wants to know: has the mortgage market kept pace? Or is it time to rethink?
They’ve launched a public survey (37 questions in total) — open until September 19 — to gather insight from buyers, lenders, and professionals across the estate agency and finance sectors.
Who is being left behind?
Some groups are finding it harder than others to access mortgages under the current rules:
- Self-employed buyers: With over 4 million self-employed workers in the UK, it’s no surprise many struggle to secure a mortgage — especially when applying solo.
- Older first-time buyers: Rising property prices mean many buyers are climbing the ladder later in life. But shorter mortgage terms can make repayments steeper and less affordable.
- Reliable renters: Many renters can afford monthly mortgage repayments — but without a large deposit, they remain stuck in rental properties.
These buyers aren’t risky — they’re just not being served by traditional lending rules.
Why it matters
Mortgage rules exist for a reason: to protect buyers and prevent risky lending. But the FCA is asking whether there’s a better way — one that keeps the market stable while making home ownership more accessible for people across the country.
In their words:
“We want a well-functioning mortgage market where all borrowers who can afford to repay can access the mortgages they need.”
That means creating products that reflect real people’s lives — without repeating past mistakes.
Want to have your say?
If this topic matters to you, you can take part in the FCA’s public survey here: https://tinyurl.com/4a8bdjss — responses close 19 September.
And if you’re a first-time buyer in Hull or East Yorkshire and want advice on how to navigate today’s mortgage market, get in touch with the team at Beercocks. We’re always here to help.
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