Young Brits hoping to take on home loans

Many of the UK’s young consumers are hoping to take on a home loan despite the worsening economic climate, according to new research.

Homeowners around the country are feeling the financial squeeze as their debt management problems mount up but around 57 per cent of people aged in their 20s remain keen to get on to the housing ladder.

In fact, figures from Alliance & Leicester have demonstrated that Britons aged between 18 and 29 have not been deterred from taking on mortgage debts and becoming a homeowner is a priority for most before they reach their 30s.

“Those aiming to get on to the property ladder need to do some background work and consider professional advice to establish exactly what they can afford to buy and to plan a budget in order to manage their new monthly mortgage payments,” said Richard Taylor, head of mortgage products at Alliance & Leicester.

Including mortgage arrears, the typical British household has a debt management burden worth close to £56,700, according to data from Credit Action.