If you want to buy a house, you need to earn £40,000 a year
In order to afford your first mortgage these days, you have to be earning a pretty healthy wage. Gone are the days when you could be a sniveling bong-headed student and just ask your Mum to be guarantor on an interest only mortgage.
Now, to be a first time buyer you have to be raking in £40 grand per year to comfortably afford the average loan of £119,000 – meaning that a new home is just a pipe dream for those earning the average wage of £26,500.
Even so, the Council of Mortgage Lenders says that young people are clamoring to borrow via the Help to Buy scheme, or taking out mortgages that are 3.4 times bigger than their gross salaries. All anyone wants is a place to call their own, with no black mould or landlords who collect the rent while holding a machete.
In February, around 22,000 mortgage loans were agreed by people who were around the age of 30, up by 41% on last year.
But if interest rates rise, the dreams of idealistic young home owners could turn to dust as they struggle to afford even the most average mortgage.
Time to get a better paying job? Oh, sorry, there aren't any.