Slim pickings for graduates hunting a suitable home loan
Graduates are said to be finding the hunt for a home loan increasingly difficult, due to increased numbers of lenders refusing to help their cause.
Accordingly, vast numbers of lending institutions group the graduate mortgage market with other less mainstream portions of their lending repertoire. Unfortunately, very few graduates are aware of the trials they will face when sourcing a mortgage and it is reported that many are becoming unstuck as a result.
Recent mortgage market data has revealed that almost 95% of the lending industry chooses to focus core business towards mainstream borrowing, with only a very small percentage tailoring packages to suit the graduate market.
It has also been revealed that sizeable portions of prospective buyers (graduates) are pushed into renting their homes for an average of 3 years, whilst establishing themselves into their chosen career. However, it is suggested that the actual act of renting is vastly absorbing any funds that would otherwise have been used as a deposit.
On the other side of the coin, experts suggest that some graduates are choosing to temporarily freeze any desire to purchase a home, in favour of studying the market for hope of a commonly predicted decline.
