Yorkshire Building Society - Launch of 5K Mortage

In response to the UK’s escalating housing crisis, Yorkshire Building Society (YBS) has launched an innovative £5k Deposit Mortgage. This groundbreaking product aims to significantly reduce the time first-time buyers need to save for a home deposit, thereby facilitating quicker access to homeownership and other important life milestones.

Introducing the £5k Deposit Mortgage: This initiative provides a critical solution to the UK’s housing crisis, potentially reducing the average time required to save for a 5% deposit from 7.5 years in the most expensive regions to under 3 years in more affordable areas.

Addressing Regional Disparities: The disparity in regional housing markets means that while Londoners face a 7.5-year saving period for a 5% deposit, those in the North East only need less than 3 years, highlighting the need for tailored financial products to create a more level playing field.

Impact on Broader Societal Trends: Extended deposit saving times affect societal trends, with many studies indicating significant delays in starting families and negative emotional impacts on Millennials, 57% of whom feel like failures for not owning property.

Countering Stereotypes: The campaign also aims to counter the stereotype of frivolous spending among potential buyers, presenting data that shows their financial discipline and the real issue of affordability as the primary barrier to homeownership.

The campaign received extensive media coverage, achieving a broad reach across various radio platforms.

BBC Radio 4 Today Programme and You and Yours: These shows highlighted the mortgage product, reaching an audience of over 19 million listeners combined, focusing on the financial innovation and societal benefits of the new mortgage.

BBC Radio Scotland, BBC Radio Ulster, BBC Radio Wales, and BBC Radio Cymru: These stations featured discussions on the mortgage, with BBC Radio Ulster alone reaching 300 million listeners, emphasizing the regional disparities in deposit saving times.

The campaign was also featured on numerous regional BBC radio stations, including BBC Radio Berkshire, BBC Radio Bristol, BBC Radio Cambridgeshire, BBC Radio Cornwall, BBC Radio Cumbria, and many others. These stations collectively reached millions, bringing the message of the £5k Deposit Mortgage to diverse audiences across the UK.

Commercial and community radio stations such as Absolute Radio Network, Boom Radio, and Capital Brand (UK) also covered the campaign. These platforms helped ensure the campaign’s message reached a wide demographic, further emphasizing the importance of the new mortgage product.

The YBS £5k Deposit Mortgage campaign successfully highlighted the urgent need for innovative financial solutions to address the UK’s housing crisis. By reducing the time required to save for a home deposit, the mortgage offers a tangible solution for first-time buyers.

The campaign’s comprehensive media strategy enabled it to reach a total audience of over 608 million. The qualitative feedback from media outlets and listeners underscores the campaign’s success in resonating with the public and effectively communicating the benefits of the new mortgage product.

The YBS £5k Deposit Mortgage launch exemplifies how innovative financial products, combined with a robust media strategy, can make a significant impact on public awareness and provide real solutions to pressing challenges in the housing market.