Lifetime renters pay over £330k more
While getting on the housing ladder is becoming increasingly difficult, doing so could leave you richer to the tune of nearly £330,000.
Research from the Equity Release Council (ERC)1 has found that today’s homebuyers could save hundreds of thousands of pounds – £326,214, to be exact – over a period of 30 years compared to lifetime renters. This is before house price growth is even factored into the equation!
And yet, more than half (54%) of people who are not yet homeowners believe it is ‘unrealistic’ that they will ever be able to do so.
It’s worth your while
Working to build up the funds for a deposit, although difficult, is very much worth the effort. Over two-thirds (68%) of homeowners say they feel confident about their financial future, against 45% of renters.
Homeownership, the research concludes, is becoming ever more critical to financial wellbeing and being able to achieve one’s long-term financial goals.
Chair of the ERC, David Burrowes, said, “People today are living and working longer with responsibility to fund their later years and will need to think differently about their financial decisions at different life stages. For people who manage to buy their own home during their working lives, the extra confidence and flexibility this provides will be even more critical to their financial wellbeing than it is today.”
Giving you the best start
When you’re looking to get onto the property ladder, the chances of success will be greater with sound advice. To make your first steps towards homeownership, get in touch.
1Equity Release Council, 2021
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. Think carefully before securing other debts against your home. Equity released from your home will be secured against it.