Young property purchasers urged to get finances in order

Young would-be property purchasers are being urged to "seize control of their financial situation to get themselves in the best possible shape" before applying for a mortgage.

Figures released by the National Association of Estate Agents revealed a significant decrease in the number of first time buyers aged between 18-30, and a survey of 18-29 year old would-be first time buyers revealed that many were struggling to keep on top of their finances. Just over a half (52 per cent) said they had overspent in the previous month, with 12 per cent having to use their overdraft. A third of those polled said they found it difficult to budget for each month.

Of those hoping to purchase a property, only 35 per cent are planning to clear outstanding debt before applying for a mortgage. Managing director of Experian Consumer Services for UK and Ireland, Peter Turner, says the figures show that it is vital that "young people seize control of their financial situation", monitoring their spending habits and trying to save surplus money in the months before making a mortgage application.

If you are buying selling or remortgaging a property in Northern Ireland, and would like to receive information or advice about the legal conveyancing process involved, contact Wilson Nesbitt solicitors in Belfast or Bangor by calling 0800 840 9290.