Abbey Mortgages: Students struggling to afford gap years

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Abbey Mortgages: Students struggling to afford gap years

Wed 16th Jan 2008

Students in the UK are finding it more and more difficult to afford to travel during a gap year, according to research by Abbey Mortgages.

Some 42 per cent of students said that they are saving to get on the property ladder, compared with 19 per cent who are putting money away for travelling.

Additionally, the figures from Abbey Mortgages reveal that 10 per cent of graduates who have already completed a gap year would have made a different decision if they were faced with today's property prices.

Nici Audhlam-Gardiner, head of Abbey Mortgages, said that students are currently being forced to balance travelling with the cost of buying a house.

She added: "Abbey is fully aware of the difficulties first time buyers have in getting onto the property ladder, and is committed to developing new mortgages to give these customers the help they need."

Abbey Mortgages recently commented on the decision to hold the base rate at 5.5 per cent, saying that it was not unexpected.

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