First time home buyers don’t have it easy these days. The Mortgage Advice Bureau says that the average age of a first-time buyer is now 37, which would make a standard 25-year mortgage take them to 62.
So what’s the scenario for young people today? Watch our video to find out what some of the options are out there, and some tips for how improving their credit score can set them on the road to getting on the property ladder.
How building a good credit history can help
– Paying bills on time can show that you can keep up with a regular payment schedule
– Registering to vote proves your identity, and shows the lender that you are who you are, and that you live where you say you live
– Managing credit accounts well can show lenders that they’d be likely to keep up mortgage repayments, even if interest rates go up.