SOARING house prices, rising interest rates - how to get a foot on the property ladder when the cost is way beyond the traditional two-and-a-half-times-a-salary ceiling?
As society becomes ever more property-obsessed, home-ownership is now the number one priority for 18 - 24 year olds in the UK, with 12.2% of them saying they have sacrificed university to save for a house, according to research by Lloyds TSB mortgages.
The Next Generation of Homeowners Report reveals that owning a home before the age of 30 is the most important life goal for 74% of youth.
It found that one in five twenty-somethings has forfeited their first choice career option in favour of a better job they don't enjoy to try to get on the property ladder. A further one in six admits juggling two jobs to help build a deposit towards a first home. And many are living at home indefinitely or have put their plans for world travel on hold in a bid to make the deposit.
The Council of Mortgage Lenders (CML) recently revealed that a combination of huge home loans and rising interest rates has driven mortgage repayments up to a 15-year high.
The US already has a 50-year mortgage and in Japan, 150-year mortgages are available but will the lengthy home loan come to the UK and the US??
I suppose you could always pass the house....I mean DEBT to your next of kin!
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