Graduates finding it harder to get on the property ladder
Graduates are facing rising costs over their University lives and that is making it increasingly hard for them to get onto the property ladder when they leave, new research has found.
Newcastle Building Society said from September this year, universities in England and Northern Ireland will be able to charge tuition fees of up to £3000 a year. And it said that the National Union of Students had found that with this figure added to students’ estimated living costs and further course costs, they would end up paying £30,105 over their university lives.
With the average deposit for a typical first time buyer home now at £23,067 and the estimation that it will take up to five years to save, graduates faced with the increased tuition fees, it said graduates will find it hard to buy their first home.
However to tackle the problem, the society has launched three new products geared towards these first time buyers.
Steve Urwin at Newcastle Building Society said: “The Society has launched these three new products to strengthen our range of mortgages specifically designed to help graduates and other first time buyers. They are also designed to appeal to parents who wish to help their children financially. Many of our members are parents and the frequently tell us they would like facilities that would allow them to do this.”