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An Entire Generation Effected by Mortgage Tightening

October 14, 2010

It is a frightening thought, but it is possible that an entire generation of prospective home buyers could miss out on their chance to get on the housing ladder, according to new research from Genworth.

90% Mortgages which are usually associated with first time buyers, have plummeted in terms of number of products available as well as volume of completions. In 2006 there were 245,000 90% mortgage completions, but this had fallen to only 28,000 in 2009. A reduction of almost 90% in itself!

This is largely due to the tightening criteria surrounding higher loan to value mortgage products such as 90% Mortgages, and the less attractive pricing of this type of deal. Also a general slowing of the housing market across the board.

Research indicates that the housing market could take up to 10 years to recover, meaning that an entire generation could be missing their chance to get on the property ladder.

Further research has indicated that of the first time buyers under the age of 30 that have stepped onto the property ladder since the start of 2009, some 80% have relied upon assistance from family or friends. Therefore, only 20% of first time buyers under 30 years old have been able to buy their first property independently and without assistance.

Almost a quarter of Brits still lived with their parents in 2009, with 59 per cent saying that it was due to cost, according to a OnePoll survey.

14th October 2010

Author Richard Best – CeMAP (The Best Advice Network Ltd)

Your home may be repossessed if you do not keep up repayments on your mortgage.

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