mortgages in the uk : First-Time Buyers

2008-05-02 10:45:23

( Financial )



Looking for mortgage uk? For mortgages in the uk go to uk mortgage lenders.

Or maybe you are looking for mortgages in the uk and are a first-time buyer.

If you need mortgages in the uk – here’s the scenario:

A lot of first-time buyers are desperate. They live like hermits. They go without clothes. They eat cut-price food. They ignore their health. All this – hoping to save a house deposit.

A recent survey found that of those wanting first time mortgages in the uk about two thirds would rather not socialize – instead saving for a property. They are willing to accept a lower standard of living in the form of:
- not buying clothes
- cutting back on leisure and sports
- reducing shopping bills
all because of the demands of the current housing market.

Many are willing to make large-scale concessions – many willing not to go on holiday.

The survey also revealed that first-time homeowners are quite naïve – not realizing how much they would have to save to become a homeowner. More than half even believed they could own a property in a couple of years. However, given the current levels of the average salary and what would need to be saved, the chasm between aspirations for home owning and saving is ever-increasing.

The borrowing capacity of home seekers set against the national house price average displays a financial shortfall which is daunting. In reality, the optimism of first-time buyers is not realistic. Even if housing prices level off, the chasm does not promise to be bridged. The reality is that homeownership in the uk is increasingly unobtainable – despite the extreme lifestyle concessions many are willing to make.

“Dazed and confused” – is the verdict about uk home seekers. The public is poorly informed. Many say that media speculation about the housing market makes them feel uncertain and confused. Yet others say that the information they get from banks and building societies also leaves them confused.


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