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More than 800 people have been helped by real estate ladders a year since the £5,000 deposit mortgage was launched, according to the Architecture Association.
When the contract began at the end of March 2024, the Yorkshire Building Society said first-time buyers in England, Scotland or across Wales would be able to purchase assets up to £500,000 with a deposit of £5,000.
For those who buy a typical first-time buyer property for £200,000, a £5,000 deposit amounts to 2.5% of the purchase price, with the remaining 97.5% being borrowed as a mortgage last year.
Ben Merritt, director of mortgages at the Yorkshire Building Society, said that when the deal marked its first birthday, “It's so humble to launch this product and see the effectiveness of it so far, and all we do is not just brick and mortar.”
The association said that several people cried with happiness on the phone when they were told that decisions on the principle had been agreed.
Customers also said the product not only allowed them to ride home ladders faster, but also allowed them to make other life plans, such as getting married or starting a family.
Leona McKay, 25, and Mark Penny, 26, moved to their three-bedroom family home in Aberdeen last April.
Ms McKay, a social worker, said: “We always said we wouldn't have children in our apartment because we can't carry a buggy with two dogs and a shopping bag.
The association also launched a range of new products at the end of March and provided cashback of up to £6,250 to help increase costs faced following changes in stamp duty thresholds from April 1st.
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Meanwhile, a survey commissioned by the West Brom Building Society among more than 2,000 private renters across the UK found that over half (52%) believe high home prices are the biggest barrier to home ownership.
Two-fifths said that higher living costs have made savings harder for deposits, while a quarter cited the higher mortgage rate as a factor.
Almost half (48%) tried to save money on their home deposits at one point, but this figure fell to 28% when asked if they were currently saving for their deposits.
A YouGov survey conducted in February shows that around a third (34%) say competing financial goals, such as debt repayments and wedding savings, were prioritized.
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