Talking ’bout my generation? Financial tips for thirtysomethings

In the latest part of our regular series, we offer our top tips to each generation for dealing with the financial crisis, this month we look at the problems facing thirtysomethings. Your 30’s traditionally the decade of your life when you raise a family, move on from your starter home, and start thinking about pensions, life insurance and other ‘sensible’ financial planning. Has the credit crunch and subsequent financial crisis changed that? Probably not, if you were already on the housing ladder when the full effects of the financial crisis struck. But definitely if you are still looking to buy your first ...

Mortgage availability increases, but house sales fall. Confused?

New figures from Moneyfacts and HMRC show that whilst mortgage availability is rising, property sales actually fell in August. Sales In August a total of 78,000 properties were sold, 6,000 fewer than the previous month of July. August generally sees less property sales, so the fall is not unexpected, perhaps more worryingly the figure is 3,000 lower than the same time last year giving cause for concern that the housing market is slowing down. At the peak of the property boom in July 2007 151,000 homes were sold. Mortgage lending Despite the drop in sales, the Council of Mortgage Lenders (CML) have also released figures this ...

The hotel & bank of mum and dad

A new report by the Market Harborough Building Society has shown how expensive children returning to the family home, and those who refuse to leave, can be. The report surveyed 477 parents of children aged between 23 and 40 who are still living at home and concluded that the additional cost is £3,500 a year, per child. Extra bills The bill for looking after these so called ‘boomerang children’ who have left home, often to university, and then returned not only includes the general cost of living but also loans, which may never be repaid. When children continue to live at home the survey ...