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One in four new UK homebuyers under 25 rely on ‘bank of mum and dad’ – study (www.theguardian.com)

submitted 1 year ago by Ninmi@sopuli.xyz to c/europe@feddit.de

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[–] tal@kbin.social 2 points 1 year ago (1 children)

The average UK house price is around £300k

So, it's pretty common to get a mortgage when buying a house rather then purchasing cash up front.

https://www.mpamag.com/uk/mortgage-industry/guides/down-payment-on-a-house-in-the-uk-what-you-need-to-know/435518#How%20much%20deposit%20do%20I%20need%20for%20a%20%C2%A3300,000%20house%20in%20the%20UK?

How much deposit do I need for a £300,000 house in the UK?

For a £300,000 house in the UK, you will likely need a minimum deposit of £15,000.

Then consider that the people buying the thing may have married and both have been working.

[–] theinspectorst@kbin.social 1 points 1 year ago* (last edited 1 year ago)

So, it's pretty common to get a mortgage when buying a house rather then purchasing cash up front.

It's pretty common to not be able to borrow more than 4x your income and to need to put down a 10% (or more) deposit if you want a half decent rate. Do you know a lot of under-25s who have £30k in self-made savings (not family wealth) and earning salaries of £68k a year to be able to qualify for a £270k mortgage?