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Is Inheritance the Only Way you can Get on the Property Ladder?

Owning a home is still a top priority for the British public, but many fear it might be an unattainable dream. Purchasing a home requires lots of saving and preparation – sometimes years – in order to be financially ready for the responsibility. That, or some serious assistance from your loved ones.


This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.


According to research conducted by Aviva, nearly half of the respondents surveyed reported that they didn’t think they could own a home unless it was passed down to them or they inherited enough money to purchase a property.


Money matters

It’s not actually the monthly payments that are the issue, but the deposit required, with 62% of tenants citing financial difficulties as the reason they haven’t purchased a home.

Compared to homeowners, renters actually pay a larger portion of their salary towards accommodation (35% for renters versus 25% for homeowners) on top of other living costs which makes it difficult to save for a down payment.


Individual circumstances, such as salary, type of property, and region you wish to buy will vary, but in general, it takes most people 5 to 10 years to save the suggested 20% deposit for a house.


Despite the desire to own a home, over a third of people surveyed believe that renting will be the default way of living in the future, even if half think that there’s a stigma attached to renting. It seems that about a quarter responded that they felt embarrassed to be renting, that percentage increases to over a third in the 35-44 age bracket.


Pros and Cons of renting

Renting isn’t all bad; it allows tenants to be flexible, not tying them down to one particular area and lets young people move out on their own. But young professionals who rent still have the same worries as those who own a home and don’t necessarily have the same resources available if they run into trouble.

Homeowners worry about not being able to pay their mortgage in the event of illness or injury and can take out coverage to protect against such incidents, but renters might not consider protection insurance as an option to safeguard their income.


Work with a specialist

We strongly encourage homebuyers to seek out expert mortgage advice from independent brokers that know the healthcare sector. Specialists have access to lenders that understand their circumstances and offer the best chance of securing an excellent deal on their dream property.


Need help to secure the right mortgage?
Mortgages | Buy to Let | Property | Mortgage Planning |

Dental & Medical Financial Services have been helping doctors and dentists with finding low-cost mortgages for your home and investment properties for over 25 years. Call Chris to discuss your options.

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