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If the UK were a property, it would be on the verge of being repossessed "That's how dire the situation has become. If the government applied for a mortgage, it would fail miserably on affordability, with no clear means of repayment, coupled with a worsening credit file. "Without its own self-certified route of borrowing, the government would have bankrupted the UK and had to go to the IMF soup kitchen, just like Labour did 50 years ago."

encouraging but not unique. There are several schemes that assist new buyers with these smaller deposits. He added that the fact applicants will be limited to two housebuilders’ properties would be “frustrating for many”.

We have seen this all before with the ill-received HIPs (Home Information Packs) that were designed to do exactly the same, and failed miserably,” he said. “Better regulation of estate agencies would be well received by the whole housing industry, but the real issue at the moment is the economy. This has all the feel of a ‘bait and switch’ tactic to move eyes off this failed government.”

We have seen this all before with the ill-received HIPs (Home Information Packs) that were designed to do exactly the same, and failed miserably. Better regulation of estate agencies would be well received by the whole housing industry, but the real issue at the moment is the economy. This has all the feel of a ‘bait and switch’ tactic to move eyes off this failed government.

Lenders are certainly more attuned to borrowers having multiple streams of income these days, but essentially, if it is not on a payslip or self-assessment return, it is unlikely to be allowed for a mortgage. Income will need to be consistent and taxable, so those with Only Fans businesses or other side hustles, if treated as self-employment, could use their income with one or two years of trading, but those thinking they can gamble their way up the property ladder will need to do without a mortgage.

With rates likely to be static for some time, this innovation is exactly the way borrowers will want to buy now, and once incomes are improved, they will be able to switch to a conventional repayment mortgage in a few years.

This is a little better than predicted, but it's still a long way off the imposed Bank of England target of 2%. Mortgage rates have increased a little in September for those looking for a new fixed-rate deal, so we shouldn't expect any significant changes in the coming weeks unless other pressures within the economy override this

Lenders are bending over backwards to allow potential borrowers to buy their dream home, coupled with greater affordability opportunities, helping borrowers stretch their incomes a little further. “For those with smaller deposits, now may be the time to consider your options and check your budget. You may be surprised at what you could achieve and get on the property ladder.”

Personally, I haven’t seen down valuations at 50%, but where I have, it’s been on buy-to-let cases, which is telling. It points to lenders and valuers taking a much harsher line on investment property, perhaps reflecting concerns about rental yields and market risk

When Nationwide announces changes to their mortgage range, the market listens. Though increases of up to 0.2% are not a disaster for borrowers, this does put everyone on notice that perhaps we have seen the bottom of the cheapest deals for now.