Rent is crippling. Some people can never get a deposit if they are in an expensive rental.
I fixed it for you. All rentals are expensive and overpriced
I used to work with a guy who lived round the corner from me. He was about 20 years older than me though so owns a small 3 bed semi. He nearly **** a brick when I told him how much my rent was on a small 2 bed flat. He was so embarrassed he wouldnt even tell me how much (little) his mortgage was. So, this was a guy who was probably 2 levels senior to me, earning probably twice as much, paying probably a third of my rent on his mortgage. And you wonder why the <40s are screwed when it comes to the housing market.
£20k deposit isn't bad, can't get anything on that where you are?
£20k wouldn't quite be a 10% deposit on the average house price in the UK (£230k).
I'm not seeing a link from the OP. I'm not sure I totally understand what all this means. If my parents want to gift me money towards a deposit does this mean Nationwide won't give me a mortgage? Well they can go suck a **** as far as I'm concerned! How exactly is anyone in the SE supposed to buy their first home?
This makes for interesting reading;
https://www.legalandgeneral.com/lan...t/reports/bank-of-mum-and-dad-report-2017.pdf In the last 5 years, over 60% of FTBs under 35 received help from their parents... The bank of Mum and Dad is lending so much it's the equivalent of the UK's 9th largest mortgage lender
I don't know what Nationwide are thinking...
EDIT:
There really needs to be some sort of system to keep track of rent payments. I’ve never missed a payment in nearly ten years but this matters not to the bank.
There is but not sure how well it works;
https://www.experian.co.uk/business...anagement/rental-exchange/tenant-information/ There was a scheme whereas you paid your rent to a middle-man who then paid it to your landlords. Thus 'proving' you were good for it. I don't know if this is the same thing or what.