First time buyer mortgage difficulty - 3 million 20 somethings still live with parents.
The difficulty for first time buyers in achieving a mortgage has been highlighted by a recent report from the Office for National Statistics.
According to the report, the number of adults between the ages of 20 and 34 still having to live with parents has increased by half a million to 3 million.. The report shows that of the 20 year olds still living at home in 2011, 46% were women and 64% were men.
The increase to the number of adults now living with parents coincides with both average house price increases which have risen by 40% since 2002 and the availability of affordable low deposit mortgage deals.
The increasing ratio of income to property prices is well documented for first-time buyers and with increased mortgage rates and tightened criteria, it is tough for many to find a competitive mortgage deal.
Property ownership is a dream for many hopeful first time buyers who would rather invest in their own home than rent or live with parents.
Deal Direct understand the difficulty faced by many young people in sourcing their first mortgage. Our skilled advisers are here to help. We will advise you on your options and will recommend only what we believe will be both affordable and in your best interest.
Contact Deal Direct today for a competitive mortgage quote.
We will search the entire UK mortgage market to source a competitive deal for you.
