First-time buyer criteria changes announced by building society

August 18, 2025 by Alan

First-time buyers

Lenders

Mortgage applications

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Suffolk Building Society (BS) has announced changes to its lending criteria for those buying for the first time, which are designed to make it easier for them to get a mortgage.

The main change that has been introduced by the lender is that rent payment history will now be included in its criteria. This means the building society will accept evidence of consistent rent payments when evaluating affordability for first-time buyers. Under the terms of the new criteria, those applying for a mortgage will have to prove consistent rent payments for a minimum of one year. The payments will also need to be an amount that is within 10% of the monthly mortgage payments.

The total sum that people who can meet the criteria will be able to borrow is 5.49 times their earnings. This is the first ever time that Suffolk BS has used rent payment history when calculating affordability. The revised criteria is already being applied.

Suffolk BS is the latest mortgage lender to bring in changes of this kind. It is following the example set by Tipton & Coseley BS and Skipton BS. Both of those lenders made their adjustments during July.

The head of intermediaries for Suffolk BS is Charlotte Grimshaw. Talking to Mortgage Introducer, she said:

“We’re really excited to take rental history into account for the first time, as well as join a very small group of lenders who are offering meaningful support to first-time buyers.”

This should be welcomed by mortgage advisors with the CeMAP qualification, because first-time buyers always need a helping hand.