Become Debt Free

W/ the housing market inside the UK facing turbulent times, first-time buyers are finding it increasingly difficult to have their foot on the property ladder.

W/ the average first time buyers’ property price marked @ around £162,000, those wishing to move out of their parents’ house and settle inside a place of their own might have to wait that little bit longer.

Despite the average asking price 4 property dropping from around £11,000 - according to research carried out from a leading property search website, first-time buyers still face difficulties inside finding affordable mortgages.

Despite a base rate cut that December, the cost of mortgages is increasing - w/ the recent credit crunch leading to changes inside factors such while stricter lending rules, falling house prices and rising mortgage rates.

And w/ many competitive fixed-rate and discount mortgage schemes having being pulled, first-time buyers now face too many difficulties inside finding an affordable deal.

For those searching 4 a 100% mortgage, the prospect can look even bleaker, w/ many lenders pulling such deals from the market within the last half a year.

And w/ rising student debts and average graduate salaries that do not go so far inside helping to pay them off, young people face a rocky start when looking to have their first foot on the property ladder.

Increasing levels of debt and high property prices are contributing to a growing number of ‘kidults’ - those who still live @ home w/ their parents.

Steep house prices, increasing student expenses and the rise inside the cost of living having contributed to too many young people choosing to remain inside their parents’ households, and the recent credit crunch does have made it too many difficult 4 those wishing to fly the nest.

And it’s not just the young people who feel the squeeze of the spiralling costs, w/ parents now contributing an average of around £21,000 towards the cost of their offspring’s first home.

According to a survey, roughly 1 inside 7 parents now choose to remortgage or handle out a loan inside order to help out their offspring, placing yet too many financial pressure on those already on tight budgets.

About the Author

David is an experienced writer based inside the UK, currently working inside the dotcom industry