Surely if you can afford to pay nearly £1,500 in rent, you can afford a mortgage? Well, yes, depending on the term, interest rate and so on, quite likely a mortgage of around £300,000. Yet around 35% of us are renting, rising to over 40% of 25-40 year-olds. So what’s the problem? Deposits and income levels. The old dilemma, if you’re renting and it’s costing you that much, how can you save? Few can and as a result it’s only those with generous (or, sadly, dead) parents who might have enough to put down. And even if two of you are on an above average salary, average being currently around £35,000, you’ll struggle to meet most lenders affordability measures. Will building lots of new houses in a field near you help the cause? Not for quite a while, I fear.
“Trade war: Stock markets rally as Trump rows back on Fed and China threats”
Yet another reminder, should one be needed, of how quickly things can and will change. A nod and a wink in the right direction from himself and/ or an underling can provide the solace the money men crave and turn a plummet into, if not a soar at this stage, then certainly a bounce.
