Millions of people admit to staying in a relationship just to get on the housing ladder
The research by L&C Mortgages found millions of adults are willing to stay in unhappy relationships, just to own a home
MILLIONS of people admit they have stayed in a relationship longer than they wanted to, just to get on the housing ladder, according to research.
A report by L&C Mortgages found 1.8 million non-homeowners were prepared to stay in an unhappy relationship because it allowed them to own a home.
Almost half of people who stayed with their partner to be able to afford a mortgage or deposit did so for more than a year longer than they would have, if buying a property wasn't in the equation.
David Hollingworth from L&C Mortgages said: “The fact that so many people view staying in a relationship they perhaps don’t want to be in as one of their only options for getting onto the housing ladder is indicative of the struggle people face when buying their first home."
“With such large sums needed for deposits and combined salaries often the only option to achieve the required mortgage, the temptation to stay with a partner is understandable.
"In the UK, we place a great deal of importance on owning our own home, and of course buying property is one of the biggest financial moves you can make – but it isn’t right that people are sacrificing their emotional wellbeing in order to focus on financial stability."
Yesterday, we reported on how some landlords are refusing to rent homes to tenants under the age of 35 as they are worried about whether they can afford it.
Last month, lenders warned that the cheapest home loan rates may be about to disappear.
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Households are currently benefiting from the cheapest home loans on record but the Council of Mortgage lenders has suggested that the era of low rates may be coming to an end.
We also revealed the areas where home buyers are mostly likely to get gazumped out of their purchase.
How to get help buying a house
THERE are several government schemes available to help you get on the housing ladder.
- Help to Buy loan: This scheme is for those who have a 5 per cent deposit, and is only available on new-build properties that are worth less than £600,000. The government lends you up to 20 per cent of the property value (interest-free for the first five years) which gives you access to cheaper mortgages. You will need to pay this back at the end of the mortgage or when you sell.
- Starter Homes: First-time buyers under the age of 40 can access this new scheme. You’ll get a 20 per cent discount on the market value of the property (new-build only) but you cannot sell or let the property for five years after you buy it.
- Shared ownership: This scheme is available to non-homeowners who earn £80,000 a year or less (£90,000 in London). People can buy a share of a home from a housing association and continue to rent the remainder. Buyers will need a ten per cent deposit as well as money to cover stamp duty and other fees. You’ll also need to find a mortgage lender that is willing to lend on shared ownership properties
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