The majority of parents who are currently renting a property are not looking to find a mortgage in the near future, according to new research.
In total, three per cent of renters are actively looking for a mortgage, a study from Alliance and Leicester has revealed.
Some 55 per cent are "not even thinking about" trying to find a mortgage at the current time, Alliance and Leicester states.
However, 42 per cent would like to find a mortgage, but cannot afford to do so, the survey revealed.
Stephen Leonard, director of mortgages at Alliance and Leicester, noted that although a number of renters may be unwilling to find a mortgage due to the associated costs, they should not consider it to be an impossibility.
"More and more lenders are using affordability-based lending which allows them to assess how much an individual can afford to put towards monthly mortgage payments based on their personal financial circumstances, which is a more realistic and accurate way to calculate what they can borrow ."
Several mortgage lenders, including Abbey and Yorkshire Building Society, have recently announced that they will offer mortgages based on income multiples of five times the borrower 's salary.
Most parents not looking to find a mortgage, study shows
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Most parents not looking to find a mortgage, study shows
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