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According to the Office of National Statistics, a shocking 25 percent of 20 – 34 year old in the UK are still living at home with their parents and, not to point fingers, but 60 percent of those are men.

Moving out and entering the world of credit can be a scary thought, but fear not – I am here to answer your prayers and explain everything you might need to know to guide you on the path of enlightenment, right to your own front door.

What is credit?

Credit is borrowing money, simple right? Companies will offer you an amount of money and you have to agree to their terms and conditions, such as how much you will pay back and by when. Most banks offer credit cards, personal loans, mortgages and overdrafts. Whether you are looking to rent or buy, it’s important to do your research to find out which is the best option for you.

To buy or not to buy? That is the question.

Buying your first home is probably one of the biggest decisions you will ever make so it’s important to weigh up the pros and cons before taking the plunge.

Once you have paid off your mortgage then your home will be yours. If you want to fill it with parakeets or paint your walls purple, the choice is yours my friend. Rather than giving rent to a landlord, you will be paying toward real bricks and mortar and you have the freedom to sell or move when you wish. If you invest time and a money on improving your home while you live there you can also increase its value – it’s a great way to invest while still enjoying your new and improved living space. You might even find that sometimes your monthly payments are cheaper when you buy rather than rent. Splendid!

However, you have to consider that getting a mortgage is a big commitment – you need to be sure you can afford it for the next 30 – 35 years. Renting could be a better option if you want to skedaddle from the family nest ASAP or if you’re unsure about how to afford the additional fees. Also consider it is usually easier to leave a rented house quickly if your monthly repayments become unmanageable or, not to jinx it, if you split up with a partner. If you decide renting is the way to go, a short term loan could help you to cover estate agent fees, deposits and a loo brush until you get on your feet.

How do I start applying for credit?

Once you have decided on the best option for you, make sure you have the following information to hand:

  • Proof of address for yourself and your employer – you’ll probably be asked to provide a recent bill or statement.
  • Bank account details
  • Your employer’s name and address
  • Information on your income and outgoings, including any payments you already make e.g. your phone bill.

Remember, to get approval for most forms of credit in the UK, including mortgages, you will need to be registered on the electoral role and have a good credit score.

Moving back home is a great option if you are saving up for a mortgage, a wedding or simply trying to pay off debts but transitioning back into the family nest can come with a unique set of challenges. Luckily, I’ve conjured up with a handy survival guide to living at Casa del Parents which will make the whole process a whole lot easier until you can afford to fly the nest.

Check out my Wisdom Section for some straightforward and simple advice, wrestling the world of finance so you don’t have to.


Peace and loans,

The G