A million Britons would leave the country without seeing the prospect of solving the housing problem

Bank Santander conducted its own study of the UK property market and came to the conclusion that 7% – and this is neither more nor less, 1.1 million residents of the UK, without housing of their own, really realize that they have no chance to buy it, and to realize his dream to live in their own house, they will have to go abroad.

Many people participating in the survey stated that they are ready to find a job and move to another place in the UK to get the chance to live in their own house, many are willing to give up for this from the usual conditions of life, and from large expenses such as buying a car or a vacation.

About 18% of people in the UK aged 18 to 24 years living with their parents or the parents of the partner in the same house, trying to save money for a Deposit, and 6 % of young families of the same age returned to the parental home after an unsuccessful attempt independent living.

About 28% of young people aged 18 to 24 years use their inheritance in order to get a mortgage, and 11 % of young people were forced to involve their parents, as guarantors – guarantors to obtain a mortgage loan. The laws of Economics are such that the cost of living in the UK is going up faster than wages are growing. Save up for a down payment to get mortgage lending is the biggest problem for the young generation, do not have their own housing.

In this situation the only opportunity for the younger generation to obtain ownership of housing are developed by the government program “help to buy“. The program allows you to get a mortgage with only 5% of funds down payment. Santander Bank in the framework of this program has developed additional incentives for good faith borrowers: fixed rate mortgage and the return on account (cash back) 1% of funds from monthly payments.

® Helen Antre 21. 10. 2014.

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