Keep 100% mortgages?

quantic · 19 October 2010 at 10:46AM

I don't know if its just me, but I think there is a very serious problem in that people (generally speaking) below the age of say 21, have absolutely no concept of what they need to do financially in order to be able to buy, most people I know that are my age or slightly below, have got a very nasty shock recently as they learned the cold realities (10-25% deposits), different mortgage types, solicitor fee's etc etc.

Surely if this sort of thing is embedded in youngsters when they are in 6th form, as part of life skills then they would be more readied for the real world? School seems to be all about getting a career so you can get on in life, but I know a lot of young professionals earning above national average that now have a very very slim chance of ever being able to buy a house because their circumstances now prevent it (renting so unable to save).

In most cases this could have been avoided by anticipating the fact that they where going to need to save up from a younger age and not just that they needed a decent job. I find it amazing that schools do not even attempt to teach young people this. I appreciate that it is maybe more the parents job, but if it was done during schooling they would be able to standardise it.

I appreciate that people may say (nobody knew this was gonna happen etc etc) but now we do, so maybe we should prepare the next generation for it properly?