71% of people said that the entire moving process and settling into their new home cost more than they expected
For first-time buyers, trying to get a foot on the property ladder can seem like an impossible dream. And, even when they manage to achieve that dream, the financial reality that follows can be crippling.
Legal fees, removal costs, furniture, white goods, initial repairs and, in some cases, overlapping rent and mortgage payments can create significant pressure in those first crucial months. It’s a pinch point that has long been discussed in theory - but increasingly lenders are responding in practice too.
£200 million in applications
At Skipton Building Society, they have Delayed Start mortgages – products where borrowers can opt to choose to delay the first repayments for one, two or three months. A longer delay provides greater short-term breathing room, but interest accrues from day one.
Recently Skipton made the decision to add the option of a delayed start feature to both Shared Ownership and the low (less than 5%) to no deposit Track Record mortgages - a deliberate move into segments where that early financial strain can be particularly painful. Though with Shared Ownership, rent payments to the housing association or registered landlord are still due from the start of the term. Speaking to Mortgage Introducer, Jen Lloyd. Head of Mortgage Products & Propositions at Skipton Building Society, she explained that this move was inspired by discussions with their customers.
“We listened to feedback from brokers and their clients, and were keen to evolve our proposition to cater to the needs of even more would-be buyers,” she added.
So far, the Delayed Start product has attracted £200 million in applications since May 2025 - a stark reminder of just how many first-time buyers are struggling right now.
“We’ve been really pleased with take up of the Delayed Start product,” added Lloyd. “It’s popularity demonstrates that it answers a very real need from those taking their first steps onto the ladder. As we’ve demonstrated time and time again, our proposition will continue to expand and evolve to help even more people have a home to call their own.”
And these products really haven’t come a moment too soon. According to research from Skipton, 71% of people said that the entire moving process and settling into their new home cost more than they expected* - something which was taken into account when Skipton rolled out the new solutions.
‘Much needed breathing room’
“Track Record alongside the delayed start feature answers the needs of those aged 21+ seeking to escape the rental trap. It’s for those who haven’t owned a property in the last three years, who can prove they have paid all rent for 12 months in a row, within the last 18 months, but who have a low or no deposit,” Lloyd added. “The addition of the delayed start feature allows for much needed breathing room, which can be particularly helpful when paying upfront moving costs or covering both rent and mortgage. Shared Ownership is available in England and Wales, and offers a solution for those in a position to purchase a share of their new home. Those customers equally will likely face elevated costs in the early months, and the delayed start feature could help with that.”
‘We have no intention of standing still’
“We believe that advice is essential for all would-be buyers and know working with their clients, brokers will help identify the optimal choice based on their clients’ unique circumstances and needs,” Lloyd told Mortgage Introducer. “Our job is to provide broad choice across our proposition, the advice will ensure clients get the best possible outcome for their needs.”
That partnership between lender and broker sits at the heart of Skipton’s broader strategy. These types of innovation are central to the way Skipton and its people operate - something Lloyd takes particular pride in.
“We have no intention of standing still and will continue to challenge ourselves to strengthen our FTB proposition in line with our founding purpose of helping more people have homes of their own,” she added. “We are committed to helping people take their first steps onto the ladder.
“Brokers bring our proposition to life and get keys into the hands of thousands of FTBs each year - and we will continue to evolve our proposition in partnership with brokers.”
This article was created in partnership with Skipton Building Society.
