People 'want a mortgage before they are 30'
Published On 27 March 2008
Despite recent reports about the problems facing first-time buyers, more than half of the UK's young people want to get a mortgage and a home before they are 30, a new report has shown.Data released by Alliance & Leicester showed that 57 per cent of people aged between 18 and 29 said that getting a mortgage and onto the property ladder was a priority for them before they turn 30.
Alliance & Leicester added that figures showed that the average age at which a person gets a mortgage and their first home appears to be rising. It said that the typical age of a first-time buyer in the UK jumped from 28 in the 1990s to 29 at present.
"Even in an uncertain housing market we’re seeing those under the age of 30 feeling confident and optimistic about the prospect of getting onto the property ladder before they say goodbye to their twenties," commented Richard Taylor, head of mortgage products at Alliance & Leicester.
"Those aiming to get onto the property ladder need to do some background work and consider professional advice to establish exactly what they can afford to buy and to plan a budget in order to manage their new monthly mortgage payments."
"It is increasingly important for those thinking about buying their first property to save for a deposit."
