Young people have numerous life targets they wish to meet,
new figures reveal.
In a study carried out by Alliance & Leicester as part of
its Moving Improving research, taking their initial steps
on the housing ladder is one of the main life goals those
between the ages of 18 and 29 wish to achieve before they
reach their 30th birthday. Over half (57 per cent) of such
consumers are looking to own their first home ahead of
turning 30.
And despite any possible effects of the credit crunch, the
financial services firm pointed out that buying a property
before reaching their 30s is a manageable goal for many
Britons. Citing research carried out by the Council of
Mortgage Lenders in its First-Time Buyers: Lending and
Affordability study, it was revealed that the typical
person currently taking their first step into the housing
market is 29 years of age. However, this figure represents
an increase from the average age of 28 recorded during the
early 1990s. Meanwhile, Alliance & Leicester indicated that
two-thirds of existing homeowners state to have got on to
the property ladder before reaching their fourth decade in
life.
Furthermore, research from the financial services provider
revealed that 42 per cent of those surveyed would like to
start a family before reaching the age of 30, with 49 per
cent wanting to get married. The study also showed that one
in two 18 to 29-year-olds are looking to rent a property
with their partner.
For those looking for a competitive way to fund the various
expenses associated with such life goals, for example
paying for a wedding venue, purchasing items for a nursery
or putting down a deposit on a home, taking out a loan
could be of vital assistance.
Commenting on the figures, Richard Taylor, head of mortgage
products for Alliance & Leicester, said: "Reaching 30 years
old appears to be a landmark age for many people with it
being set as a deadline for some major life events, like
owning a property, getting married or starting a family.
Being a homeowner for the first time is something most of
us desire, preferably earlier in life. Even in an uncertain
housing market we're seeing those under the age of 30
feeling confident and optimistic about the prospect of
getting on to the property ladder before they say goodbye
to their 20s."
Mr Taylor added: "Those aiming to get on to 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."
By taking onboard such financial guidance it may be
possible that consumers are not only able to meet monthly
mortgage repayments but also other forms of spending
constraint. Such areas could well include personal loan
payments, credit and store cards, utility bills and council
tax.
The mortgage expert went on to claim that as significant
numbers of young people have major economic goals, the
"financial aspect of purchasing a first home becomes ever
more critical". He asserted that it is crucial for
20-somethings wanting to buy a home in the coming years to
ensure that they save a sufficient amount for a property
deposit.
For consumers looking to get on the housing ladder taking
out a loan could be of assistance. In applying for a loan,
borrowers may be able to meet various expenses related to
getting a home, such as deposits, stamp duty and the cost
of a home information pack, quickly and effectively.
Additionally a loan may help merge other financial demands
such as utility bills and credit cards into one low-rate
monthly repayment. This may leave them with more disposable
income to put towards meeting mortgage repayments.
Getting a cheap loan could also lend a hand to those
wanting to meet another major life milestone and get
married. A recent cahoot study indicated 1.8 million people
are to propose over the course of 2008, with an average of
1,218 pounds to be splashed out on the likes of rings and
holidays to make getting down on one knee the perfect
occasion.
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Abbi Rouse writes for All About Loans where visitors can
apply online for UK personal loans. We also specialise in
cheap bad credit loans, and loans for debt consolidation.
Vist Today: http://news.allaboutloans.co.uk
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