Two in five think they'll never own their own home

Posted by Kelly Luff in Mortgages on 23 September 2016 - Kelly is a Marketing Executive at checkmyfile

Two out of five people renting in the UK never expect to be able to own their own home, research has found. The Post Office survey has found that renters have calculated that it might take eight years on average to save for a deposit, in addition to the ever-rising rental payments they make.

A third of those asked think it will take in excess of a decade to save for a home, and the age that they expect to be able to afford their own home ranges from 30 years old in Scotland to a more pessimistic 37 years old in the South West.

Even in London, where it is notoriously expensive to buy your first home, the average age is 34. This possibly points towards the fact that those living in areas that are expensive to buy and rent, but which also provide a lower than average wage, leaves renters far more pessimistic about ever being able to buy their first property. In the East of England and the South West this anxiety seems to be at its worst, at 36 years and 37 years respectively.

John Willcock of Post Office Money says, “The struggle that first-time buyers face remains a huge concern and confidence among the group is low.

“High house prices and concerns about the cost of living have left many assuming that owning their own property is a distant dream rather than an achievable goal.”

With rent payments taking up a significant proportion of many renter’s take home pay, only a third expect to save the full deposit on their own. 23% will rely on help from their partner and a further 17% are hoping that an inheritance will help with their home owning dream.

With research from Your Move finding that two in five tenants are at least 46 years old, the problems with saving for your own home are simply restricted to those in their twenties and thirties. 18% of renters in the UK are over 55 years old, the same proportion as those under 25 years old.

Applying for a Mortgage? Check Your Multi-Agency Credit Report

30 Day Free Trial

How your credit file could help you get a good mortgage deal

How to use your credit report to get a great mortgage deal in 2019

There have been plenty of reasons to get people thinking about making that first leap onto the property ladder in recent months, including Help to Buy schemes, the removal of stamp duty charges for about 95% of first time buyers and an increase in affordable houses being built.

Published on 20 Nov 2018 by Kiah Phillips

Full Article

Why Mortgages Might Be Agreed In Principle Then Declined

Getting your mortgage Agreed in Principle (also known as a Decision in Principle or AIP) is an important step towards finally getting into a new home, but the relief of getting an AIP can be short-lived if you then get turned down when applying for the actual mortgage.

Published on 29 Oct 2018 by Jamie Mackenzie Smith

Full Article

Am I More Likely to Get a Professional Mortgage?

Before the Credit Crunch of 10 years ago, finding a mortgage valued up to 95% or even 100% LTV and at more than five times your salary level wasn’t difficult - in fact it’s since become clear that it was too easy and was a financial disaster waiting to happen. As such, mortgages have become harder to get accepted for then, with stricter regulations coming into place ensuring that mortgages are only granted to those who can truly afford them.

Published on 14 Sep 2018 by Jamie Mackenzie Smith

Full Article

The best credit score for a mortgage

A lot of customers come to checkmyfile because they plan on applying for a mortgage – your Credit Report is, after all, the best place to start as it’s helpful on more than one occasion. But often the question is often raised: "what Credit Score will I need to get a mortgage for my dream home?”

Published on 8 Aug 2018 by Jamie Mackenzie Smith

Full Article

Last minute mortgage checks

When could a non-bankrupt person be considered bankrupt? When they’re buying a house.

Published on 17 Jan 2018 by Richard Catlin

Full Article

Guarantor loans can affect mortgage applications, lenders warn

Guarantor lenders are always keen to point out that you don’t need a credit report check to get their loan, just a friend or family member who has a good credit history and is able to act as a guarantor. For those with a poor credit rating, this type of loan provides a solution to a problem – they can afford the loan repayments but are unable to get credit due to prior adverse credit history.

Published on 9 Jan 2018 by Kelly Luff

Full Article

Homeownership among 25 year olds halved in 20 years

Homeownership among 25 year olds has more than halved in the last 20 years, according to a survey conducted for the Local Government Association (LGA). The study carried out by Savilles the estate agents found that only 20% of 25 year olds now own a home of their own, compared to 46% in 1996.

Published on 5 Jan 2017 by Erika Bone

Full Article

Housing Values Rise to 5.6 trillion

While housing prices have displayed a consistent rise over the past several years, according to a recent study conducted by Halifax, the total value of privately owned housing in the UK has exceeded £5.5 trillion for the first time.

Published on 14 Dec 2016 by Tom Magor

Full Article

First-time lenders can borrow against parent's home

In recent decades, the “bank of mum and dad” has increasingly become a cardinal resource for their offspring achieving independence and for first-time buyers attaining a foot on that all-important first rung of the property ladder.

Published on 9 Dec 2016 by Erika Bone

Full Article

Buy to let slows as mortgage rate offers begin to increase

In the last few years we have not only seen some historically low mortgage rates, but also a rush to make property investments. Now the tide may finally be turning, as lenders begin to increase their lowest mortgage rates, and buy-to-let figures drop in the wake of new regulations.

Published on 7 Dec 2016 by Kelly Luff

Full Article


We are rated number 1 for customer service on