Young Mortgage Seekers Forgoing Careers
A Lloyds TSB survey of young people between 18 and 24 has revealed that more and more of the country’s young adults are not only keen to get a mortgage and a foot on the property ladder, but also willing to forego their careers and education in an attempt to get it.
The survey found that one in ten young people decided not to pursue a degree or other higher education qualification in favour of working to save money for a mortgage and deposit.
The survey also showed that young people are increasingly prepared for the financial burdens of a mortgage and expect to make sacrifices early in their life if it will allow them to purchase a property as quickly as possible. One in five participants in the survey said they had given up a career path to take a job that, while not being as enjoyable or interested, did provide the wages needed to back their pursiut of property.
Other interesting trends from the survey include 54 per cent admiting to living at home to save money and a third of the participants putting off travel plans until they have a mortgage.
It is thought that even with a decent wage behind them, many first time buyers will have to opt for either 100% mortgages or bad credit mortgages due to their lack of actual financial history.
A recent report from the Council of Mortgage Lenders showed that first-time buyers will now have to spend approximately 18 per cent of their salary on the interest on their mortgage.
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