Friday, March 6, 2009
Category:
Secured Loans
Many may be familiar with the term ‘Baby Boomer’ but Abbey Mortgages has now identified a new generation that they have titled ‘Baby Boomerangers’. This phrase has been coined to describe those that return to live with their parents.
The latest research conducted by Abbey Mortgages has revealed that 20 percent of UK 18 to 24 year olds either returned to the nest in 2008, or stalled plans to leave it, in a bid to save the pennies. Interestingly, the research has also shown that it is not just this younger group that have taken this decision. In fact, 440,000 people aged 25 to 34 have followed suit, along with a further 471,000 people between 35 to 44 years of age. Combined, this figure stands in the region of 2 million nationwide.
In terms of regions, ‘Boomerangers’ are primarily Northern, with 33 percent from the North of England and 22 percent from the South East.
Director of Abbey Mortgages, Nici Audhlam-Gardiner, remarked: "Millions of Britons have realised that sometimes you have to take one step backwards in order to go two steps forward. So while returning home or delaying your plans to move out might feel like a sacrifice, it's actually a great opportunity to save enough money to put down a deposit on a property of your own. This is especially important in the current market where the bigger deposit, the better the mortgage rate you will be eligible for."
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When ‘Boomerangers’ have saved a sufficient sum of money in order to return to the property ladder, or indeed to get onto it for the first time, they may wish to consider taking out a
secured loan to fund those vital home improvements once they have moved into the property. This finance option could be used to put that all-important, personal stamp on a property in order to create that dream living space. Repayable over a term to suit the borrower from 5 to 25 years, a secured loan could be used to finance a range of projects such as building an extension, or fitting a new kitchen, bathroom or conservatory.
