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Future generations may never own
Future generations may never own their own their own home with young people continuing to struggle to get on the property ladder, industry experts have warned.
In response to statistics documenting the trend of multiple families living in the same household in England and Wales experts have expressed grave doubts about the future of home ownership.
Research from the Office for National Statistics has documented the rise of so called “concealed families” following analysis of census data from 2011.
The research revealed a 70% increase in concealed families, i.e. a couple or lone parent living with another family, between 2001 and 2011. As such the number of such families in England and Wales reached a staggering 289,000.
Over the last 10 or 15 years house prices have decoupled from earnings growth and it’s getting harder and harder for young people to become first-time buyers.
During the recession certain groups of people also got themselves into financial difficulties and have elected to live with their parents again to get back on their feet financially.
Saffron offers 95% FTB deal with no early exit fee
Saffron offers 95% FTB deal with no early exit fee
Saffron Building Society has opened-up access to its popular 95% LTV first-time buyer mortgage, to make it available via mortgage brokers based throughout England and Wales.
The First Time Buyer Mortgage, which was previously restricted to properties located in the East of England, is particularly suited to buyers making the transition from renting to home ownership, as it takes into consideration their previous rental payment history. The product has the following features:
– Available up to 95% LTV
– 5.99% fixed rate to 31/08/2016 followed by 5.39% SVR for the remaining term (the overall cost for comparison is 5.7% APR)
– No early repayment charges
– Can be used for purchases up to a maximum of £500,000
– £495 arrangement fee (other fees may also apply)