The Times - Six ways for graduates to buy property
This month the Higher Education Commission warned that low-earning graduates may struggle to get a mortgage because of higher university tuition fees. The average debt now stands at £44,000, according to the Institute for Fiscal Studies. Mortgage lenders use debt against hopeful borrowers by reducing the loan amount.
Aaron Strutt, at Trinity Financial, told The Times: that the age of parents is a factor when it comes to this option. He says: “Joint mortgages are an option if parents are younger, but the mortgage term may still be limited. Mortgages into retirement can be tougher to secure if parents don’t have sufficient investment and pension income.”
He also says: “Many of the high-street banks and building societies will offer to lend between four or five times both single and joint salaries, although Barclays will go a step further and potentially offer up to 5.5 times income.”
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