23 Oct

Students boning up on mortgage market

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."

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