According to Mojo’s internal customer data, the proposed household income caps of £90,000 outside London and £110,000 within Greater London would exclude more than 13% of first-time buyer applicants nationwide. In London and the surrounding area, that figure climbs to over 22%. The disproportionate impact on dual-earner couples in high-cost cities is the central tension the broker’s analysis highlights: two people each earning average London wages can easily clear the £110,000 threshold while still lacking sufficient savings to fund a conventional deposit.

John Fraser-Tucker, head of mortgages at Mojo Mortgages, said: “Lowering the deposit barrier to 2.5% addresses one of the single biggest hurdles first-time buyers face. However, introducing strict household income caps creates a delicate balancing act. Two average working earners buying together, especially in high-cost regions, can easily cross these thresholds, effectively locking out working couples who are already squeezed by high property values.”

The same data set illustrates how first-time buyers are already adapting to structural affordability pressures. A Mojo Mortgages survey conducted by Censuswide in April 2026, covering 1,000 UK first-time buyers, found that 64% rely on side hustles such as resale platforms or freelance income to build their deposit savings, with 53% of that cohort reporting the additional income shortened their savings timeline by two to three years. A further 22% said they had remained in roles they described as toxic solely to maintain the income stability required for a mortgage application. Some 26% still relied on a gifted family deposit to complete a purchase.

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