23
Oct
Students boning up on mortgage market
Thousands of UK students are mulling over taking out a mortgage, it
has been revealed.
According to a study from Abbey, 154,000 students - equating to 14
per cent of the UK's student population - are planning a house
purchase in their university town.
The popularity of the practice is underlined by further findings
from Abbey, showing that 66,000 UK residents have taken out a
mortgage while they were studying and that a further 22,000 have
been assisted with a property purchase by the their parents.
Nici Audhlam Gardiner, head of mortgages at Abbey, said: "Britain's
student population continues to be a source of income for buy to
let property investors, many of whom are parents of the students or
the students themselves.
"The key issue with any mortgage, but a buy to let one in
particular, is affordability.
"People considering it need to make sure that they can afford the
mortgage payments plus any maintenance costs, service charges and
down-time between tenancies that they will also need to
cover."
