First Time House OwnerNew homeowner
No wonder, then, that all sorts of politicans talk more about living. Residential property and home safety have a major effect on their well-being. Yorkshire Building Society's latest First-Time Buyers Report shows that 56 percent of 18- to 40-year-olds say the purchase of their own home is vital to feel they have been successful in their lives.
Indeed, 20 percent stated that home ownership is more important to them than any other lifestyle experience, such as marriage or having kids. This is a difficult question for those whose rent has increased by more than 15 percent between January 2011 and August 2017, as Office For National Statistics data show.
It is inevitable that many new purchasers will depend on the help of their parent to make this first sale. Yorkshire Building Society survey shows that 59 percent of would-be home owners say they want to get money from their families to buy their first home. As so many are emotionally attached to the concept of home ownership, mortgages can be much more burdensome than other types of finance.
In a recent survey by Trussle, an on-line mortgages agent, 8 percent of respondents said that the application for their first mortgages had brought them down to crying, with one in four saying they had trouble with the application. Indeed, 23 percent of the 2,000 shoppers surveyed said they were compelled to take time off work to make provisions for their first mortgages.
A further factor that can make the submission procedure even more burdensome is the stricter mortgages regulations.