At a time when younger people are finding it harder than ever to buy their first home, it’s not exactly a surprise to find out that many of them are relying on family support to make buying a property a reality.
Experian research has found that over a quarter (27%) of Britons aged 55+ have provided support to their children or others to help them buy their own property – regardless of how financially comfortable they are, and a significant proportion (15%) of those people say they are ‘not at all’ financially comfortable.
It’s a far cry from how things once were. 60% of 55s and over who have ever owned their own home paid £20,000 (that figure, in 1986, would be around £54,000 in today’s money) or less for their first home, compared to recent figures showing the UK average cost of smaller homes today as £182,926.
This coming weekend Experian’s experts are on the road at two home shows in different parts of the country, and we’re looking forward to meeting you.
First Time Buyer Home Show, Croydon, Sat 16 April #FTBHomeShow
On Saturday 16th April we’ll be at the First Time Buyer Home Show (free entry!) at Fairfield Halls in Croydon, from 10am to 4pm, helping to show how improving and maintaining your credit report can put you in the best position to get a first mortgage.
At 3.30pm Jill O’Connor from Experian will be giving a seminar on how your credit report is made up, what you need to look out for and how you can go about improving your financial situation.
Could your credit history prevent you from getting a mortgage? Experian research has found that more than a quarter of people in the UK looking to buy their first home before 2016 – around 1.81 million people – have missed credit repayments, defaulted accounts and CCJs currently listed on their credit report*. And all of these could prevent them from securing a mortgage.
Managing credit accounts such as credit cards, mobile phone contracts and even some utility services can be important in order to build and maintain a good credit rating.
Visit the London Home Show – 26 September, Queen Elizabeth II Conference Centre, Westminster, 10am-5pm
There are many challenges faced by first time buyers trying to get on the housing ladder, particularly for those without the help of the Bank of Mum and Dad.
First time buyers should not lose hope, however, as there are now a wide range of affordable housing schemes to help people get onto the housing ladder and progress to a larger property. These include:
Could your credit history prevent you from getting a mortgage?
Experian research suggests that more than a quarter of people in the UK looking to buy their first home before 2016 – around 1.81 million people – have missed credit repayments, defaulted accounts and CCJs currently listed on their credit report. And all of these could prevent them from securing a mortgage.