Category Archives: Santander

“People need help buying their first home!” says mortgage provider

House buying news now, with the report in the Mirror and the Daily Mail that the younger generation are increasingly taking loans from their grandparents to try to get deposits together as they aim to get on the property ladder:

The bank of gran and grandad helps first-time buyers: One in ten rely on their relatives to help them get onto the property ladder

  • Some eight per cent of first-time buyers rely on cash from their grandparents
  • Compares with 13 per cent of existing home owners asked family to help
  • On average people planning to buy first home expect it will take them five years

Nearly one in 10 aspiring first-time buyers are turning to the ‘bank of gran and grandad’ to help fund their deposit, a survey has found.

Source: Daily Mail, 6th March 2017

Record levels of first time buyers asking grandparents for help – 4 schemes to get you there alone

As well as saving parents thousands on childcare, retirees are also helping today’s generation make it on the ladder by contributing thousands to their first home deposit

Forget mum and dad, one in 10 aspiring first-time buyers are turning to the “bank of gran and grandad” to help raise their deposit, Santander research has found.

Source: Mirror, 6th March 2017

Admittedly, the Mirror’s coverage tips its hand a little, running the name of the company behind the story in the first paragraph after the headlines: Santander bank.

Miguel Sard, managing director of mortgages, Santander UK said: “Despite having to use alternative income streams over and above their salary – such as relying on the bank of gran and grandad – today’s first-time buyers are demonstrating resilience and determination to achieve their home ownership goals.”

While it’s almost certainly the case that millennials are having to borrow money from their elders – whose mortgages were more aligned to their income – it’s also the case that this story is just a way for Santander to advertise their services to first-time buyers.

“Houses are really quite expensive, you’ll need some savings!” says mortgage lender

Desperate parents are paying an extra £32k for homes near to top schools

DESPERATE parents are paying an average of £32,127 extra to live in the catchment areas of top-performing schools.

A survey concludes 1.8m households have paid over the odds for their property just to secure a good place.

And 31 per cent of the 4,570 people questioned have gone so far as to change jobs to give their children a helping hand.

Source: Express, 1st September, 2015

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Number of parents moving to their desired school catchment area is increasing, according to Santander research

The extent to which parents are resorting to to live within their desired school catchment area has been revealed in new research from Santander Mortgages as competition for places at the UK’s best schools continues to increase.

The bank surveyed just over 4,500 people to find families are prepared to spend over £32,000 to be near their most sought after school – significantly more than the average full-time UK salary of £27,195.

Source: Independent, 2nd September 2015

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School places desperation revealed: Millions of parents relocate their families at a cost of £32,000 and even change jobs to secure their child a better education

Millions of parents have moved house and even changed jobs to be within their desired school catchment area, research shows.

One in four parents has relocated their family so their children qualify for a place at a good school.

But a survey found almost half of all families who move to be within a catchment area will leave as soon as they have secured places for all of their children.

Less than a quarter said they planned to live in the area they had moved to for their children long-term.

Source: Daily Mail, 2nd September 2015

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Having kids is hugely expensive (I’m told), and buying a house is hugely expensive (I know) – so it stands to reason that buying a house as a parent comes with particularly expensive demands. Still, an extra £32,000 on average? That’s no small amount. What civic-minded institution can we thank for paying for this ‘research’ to appear in the media?

The study by lender Santander says a quarter were forced to downsize to a less attractive home while 31 per cent moved to an area they did not like.

The angle is clear: convince parents that they ought to be aiming high to keep up with the Jones’, and then be the ones to hold their hand when they over-stretch on the mortgage. Fortunately, that’s the kind of dependable and risk-free system sound economic models are based on, with no history of ever having gone wrong in the past…

Santander’s Miguel Sard said: “Being within a certain school catchment area can often come at a cost.

It’s important that parents don’t stretch themselves beyond their means.”

Wise words, Mr Sard, but we’d be more inclined to take them at face value in something other than a glorified advert for your services.

“Kids have unrealistic salary expectations!” says group of bankers

Another from the ‘kids are stupid’ file now, with the finding that pupils who have just gotten their GCSE’s aren’t fully acquainted with the realities of payscales:

GCSE results 2015: Average school-leaver expects to earn almost £90,000, Santander survey reveals

Bank says only 7% would consider becoming an apprentice which shows ‘there is still a lack of awareness’

The average school-leaver expects to earn an annual salary of almost £90,000 at the height of their career – despite the UK average being £26,500, according to new Santander research.

The bank, which is one of the UK’s biggest personal financial service providers, spoke with almost 500 Year 11 students to gain an insight into their career attitudes to discover they think they’ll be taking home £89,000.

Source: Independent, 21st August 2015

GCSE results day: School leavers reckon they’re going to be on £90k a year

If you know anyone getting their GCSE results today you may want to sit them down and have a word.

The average 16-year-old reckons they will be on £89,000 a year at the peak of their career with one in five expecting to hit £100,000.

The average salary, remind them, is currently £26,500 and while some of them undoubtedly will make a decent amount of money, their expectations are pretty unrealistic.

The findings are from a Santander survey aimed at gauging young people’s career attitudes and expectations, released the day students discover their GCSE results.

Source: Metro, 20th August 2015

First off, it’s worth highlighting that the story in both papers is merely a trimmed down version of a press release by Santander – meaning no original journalism, or likely even fact-checking, was done by either the Metro or the Independent in this case:

This is particularly telling, as the press release wasn’t overly interested in kids’ earnings over their career as it was advertising Santander’s apprenticeships, as we can see from the quote in the Independent coverage:

The results also showed how apprenticeships are being perceived among the group: only seven per cent would consider becoming an apprentice which, Santander said, shows there is still a lack of awareness amongst young people of the career benefits and opportunities available through becoming one.

HR director at Santander, Vicky Wallis, described how there is the perception amongst young people that apprenticeships are only for ‘hands on’, manual professions.

While young people have a good understanding of the value of college and university, she said, there is a significant number who are unaware of the benefits of apprenticeships.

She added: “We need to encourage young people to look into the vast number of opportunities available to them through apprenticeships and the multitude of sectors involved, such as banking.”

As for the kids and their sky-high salary expectations, while what they want to earn might not be too closely aligned to reality, to have this pointed out by workers in the banking industry is something of a pot and kettle scenario.