Uni sacrificed for mortgage
June 21, 2007 by admin
Filed under News, News-Mortgages
The difficulties associated with getting onto the property ladder are forcing many youngsters to abandon their education.
New research shows that ten per cent of 18-24 year olds are choosing not to go to university so that they can save some money towards their first home.
With house prices seemingly on an endless upward curve, it is now more difficult than ever to purchase a first home and the costs of university are an unwanted burden for many.
Lloyds TSB carried out the research which highlighted that many youngsters are making big sacrifices in order to get a mortgage.
One in five say that they have abandoned the dream of forging a career in their preferred sector, opting instead for a better paid job that they do not enjoy.
In addition, a further one in six say that they are doing two jobs to save some money, while 54 per cent are living at home indefinitely.
“The fact people are willing to forgo their education highlights the importance of homeownership to the younger generation,” said Alison Burns from Lloyds TSB. “However, these extreme measures may not always be necessary, as the research shows a number of misconceptions about the modern housing market.
“Almost 65 per cent of those we spoke to believe a ten per cent deposit is an essential requirement but this is not the case. Mortgage providers are becoming increasingly flexible to accommodate the changing circumstances of first time buyers.”
