Santander has stated that 2025 is set to be the "year of the solo buyer", after it found that individual first-time buyer (FTB) applicants consistently outstripped joint applicants for the first time in five years.

The bank’s data comes after the effects of the Financial Conduct Authority’s (FCA) mortgage rule changes began to take hold in the summer.

Santander revealed that between June and October, sole borrower FTB mortgage applications increased by 13%, compared to January and May.

It added that recent changes to stress rates and loan-to-income (LTI) criteria introduced earlier in the year have helped individuals secure a mortgage on their own.

Santander’s latest data revealed that sole applicants accounted for 56% of all new applications received in April, following its move in March to be the first bank to respond to the FCA’s clarification over stress rates.

August also saw the second highest volume of individual applicants (53%) for the year, following the bank’s LTI limit adjustments.

Head of homes at Santander, David Morris, said: "We’ve seen a real shift in who’s driving the FTB market. Where once joint applications dominated, more people are now stepping onto the ladder on their own.

"This year’s mortgage changes have helped to level the playing field for solo buyers, and the data shows that momentum has held firm. It’s clear that confidence among single buyers is growing as lending policy changes bring more of them closer to the homeownership dream."

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