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Have you found your forever home?

Have you found your forever home?

When you think about your dream home – the one you can see yourself growing old in – what do you imagine it looks like? A modern architectural masterpiece built of glass and metal, or something more old-fashioned and cosy? If you asked your friends and family what their ideal ‘forever’ home looks like they will probably all have very different ideas.

What does your forever home look like?

Whether you’re fortunate enough to be on the lookout to buy your forever home, or you’re thinking of doing up your current home to make it one you won’t ever want to move from a recent survey has revealed some interesting statistics:

Top of the must-have list for UK home buyers is off-street parking, whereas one of the ‘dream’ features is a garage – despite reports suggesting we rarely use our garages to park our cars.

Marketing your forever home

If you’re selling your home, you can make it more marketable by appealing to someone’s idea of a forever home. Converting an office or junk room into an extra bedroom can make it more attractive to families. You could also convert your downstairs cloakroom or the cupboard under the stairs into a toilet or wet room and use potted plants on patios or driveways if you haven’t got a big garden.

What do you think a forever home is?
  • 61% of the people surveyed think their forever home is the one they’ll grow old in
  • Only 10% think it’s something they can currently afford
Where should it be?
  • 26% want their forever home to be in a village
  • Only 8% think their forever home will be in a big city
Do you live in yours?

33% of 18-24 year olds think they’re currently living in their forever home compared to 43% of 35-44 year olds believe the same

[gem_quote style=”5″]If you are thinking of improving your current home, or you’re looking to buy or sell a property, please get in touch to discuss your mortgage needs.[/gem_quote]
downsizing your home

Bank of mum and dad

With rising house prices outpacing income an increasing number of young people will borrow from parents and family in order to get onto the property ladder.

The 10th largest mortgage lender

The combined amount which parents and grandparents will be prepared to gift or loan their children to help them buy their first home is estimated to be £5bn. This puts them alongside the 10th largest mortgage lender in the country, Clydesdale Bank, which lent the same amount in 2014.

Research from Legal and General estimates the “Bank of Mum and Dad” will be involved in approximately one in four UK mortgage transactions this year, showing the extent of how borrowing from family members is supporting the housing market. The risks of borrowing from Mum and Dad However, as well as the obvious benefits, Legal and General suggests people from less advantageous backgrounds will be increasingly squeezed out, effectively widening inequality in the housing market.

They also caution that the “Bank of Mum and Dad”will, at some stage in the future (they estimate 2035), come into a funding crisis, caused by unexpected care costs for parents and grandparents living longer. The problem is exacerbated for families in London who have been known to contribute more than half their net worth on their children’s house purchase.

Other investment options for your children

There are more ways to help your children financially than contributing to their first home, but whatever approach you take it’s important to start early. By saving for your children from an early age (even perhaps before they are born) you can help put them in a better financial situation for their adulthood.

If you would like advice on choosing the right savings and investment options for you and your children, please get in touch today