Millennials reach 30 before taking out a mortgage

Millennials who spend their younger years saving for a deposit do not take out a mortgage until they reach an average age of 30, a study by Age Partnership has revealed.

Furthermore once a mortgage is attained by ‘Generation Y’, half of their entire monthly income goes on bills.

The study highlights that when the baby boomer generation were looking to obtain a mortgage, they were faced with fluctuating high mortgage interest rates of up to 16%, whilst millennials are currently faced with lows of 4%.

Tim Loy, chief executive at Age Partnership, said: “Juggling finances as we come across necessary obstacles in our lives can be challenging, which is why it’s important for people to have access to information which will help them to make informed decisions about their future.”

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Written by: Houseladder