Home bid struggles
A NEW survey has shown that more and more millennials have given up on the dream of becoming a homeowner over the past year with 85% of those surveyed citing the struggle to be able to save for a deposit as the main reason.
The figures also echo a report released earlier this year which discovered that home ownership in England is now at a 30-year low.
Loughborough Building Society is reacting to these figures by launching its First Time Buyer Family Deposit mortgage.
Aimed at first time buyers who are struggling to be able to save for a deposit, the First Time Buyer Family Deposit mortgage will mean that first time buyers can now apply for a mortgage even if they do not have a deposit themselves. All they will need is a little help from parents, grandparents or a stepparent.
Last year it was reported that millennials in the UK will have forked out a crippling £53,000 in rent by the time they reach the age of 30 and that figure is set to climb further this year.