Getting on the property ladder
Latest news from Abbey reveals that first time buyers are willing to make sacrifices to get on the property ladder. Over half are prepared to give up holidays and alcohol in order to make their first time purchase. Another measure taken to get on the property ladder is moving back in with parents.
In a survey conducted on first time buyers, it was found that over half would give up their holiday and 49 per cent were willing to give up alcohol. A smaller number (21per cent) would move back in with their parents. Some even said that they would make sacrifices on dating and relationships if it would help. First time buyers even said that they were willing to switch off the heating.
Although almost half of those surveyed said that they would give up alcohol, just 12 per cent of those living in the North East are willing to do so. Fewer people living in Scotland were willing to move back in with their parents, seven per cent compared to the national average of 21 per cent.
Nici Audhlam Gardiner, Head of Mortgages at Abbey, said: ‘With first-time buyers struggling to get onto the first rung of the property ladder, prospective homeowners are having to make big sacrifices to build their finances. However with a typical first-time buyer taking as long as five years to save up a 5 per cent deposit, people would need an iron will to sacrifice anything they enjoy for that long.’
Parents who are keen to get grown up children on the property ladder could consider a secured loan. A secured loan will raise the funds needed for a deposit and could also help with other first time buy essentials their children will need when moving out of home. Parents who have children moving out and on to the property ladder could also consider a secured loan to give their own homes a make over once kids have moved out. And as time moves on and Grandchildren start to arrive, homeowners could consider a secured loan to provide funds needed to extend their homes to accommodate their growing family for weekend stay overs once the little ones come along.Secured loans are just one of many finance options to fund home improvements.
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