In adult life, there are certain things that are expected of people. They are expected to get married, pass their driving test, get a job and also own their own house. However, in recent years to own your own house it is becoming harder and harder to do, so much so that many people around the country have just abandoned the idea of trying to buy their own house.

This leads to the question, is there actually any way to save and buy a house outright in the UK?

 

Purchasing a house

In the UK to purchase a house, you need to place down a deposit to prove you are capable of paying for the house. You will have to gain a mortgage from a bank to help with the monthly repayments of the property you are wanting to purchase.

There are many other things involved like solicitors, mortgage advisors and selling agents.

 

The money involved in purchasing

This is when it becomes hard for people who have regular jobs and are wanting to purchase their own home. With solicitors demanding fees for their job and if you want a good solicitor you are looking at a minimum of £1000.

This is on top of building insurance that needs to be purchased, surveys of the property you want to buy and mortgage advisor fees as these people can find you the best mortgage deals that are not available to everyone.

All of this is not taking into account the 10% deposit you have to put down when purchasing a house. For example, if you are purchasing a £200,000 house then you will need to pay a £20,000 deposit to prove to the bank you are able to purchase a house. This is not even taking into account the sky-rocketing prices of houses around the country.

With every aspect of purchasing demanding money, this can lead to financial restrictions for people. It leads people to look at a guide to trading the EUR/USD to see if they can make some money to help ease their financial woes.

 

Is the deposit necessary?

A major issue and gripe that people have is mainly the people who are stuck in the renting cycle. People who are renting their accommodation find it absurd, and rightly so, that they have to save money to prove they can keep up with mortgages despite paying more money in rent for most of their adult life.

There is obviously a security factor for the banks surrounding the deposit but it is surely beneficial for people who have been renting for a long period of time to show that they can own a house by their rent repayments.

 

Lucky position

It seems the only way that people can save to buy their own house is limited and can take a lot longer than it did in previous years. We hear right-wing views moaning about young people spending their money irresponsibly – and that is a tiring rhetoric considering how the cost of living has rocketed over the past few years.

Many young people have had to turn to their parents to help them either live rent-free with them or help them with a deposit. This is wrong that parents are being relied on to do this, not through the fault of the parent or the prospective buyer, but the housing system needs to have a big rethink if people are expected to purchase a house in this climate