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Follow on Google News | Gen Y get the business before bricks and mortarWith the housing affordability crisis worsening and a tight rental market, Gen Y are taking matters into their own hands and starting their own businesses in order to fund their dreams of owning a home.
By: Silver Chef Silver Chef Managing Director Allan English said more often than not Gen Y clients had limited assets but with the company’s Rent-Try-Buy® “What we are seeing on a more common basis is that young clients are getting business loans before home loans in a bid to build a profitable enterprise which they hope will eventually build them enough capital to put down a deposit for their first home,” Mr English said. “Traditional financiers place unachievable expectations on loan applicants. Criteria is restrictive and indicates that the only applicants likely to be successful are those who own a house – but what comes first, the house or the business? “Income from business helps build up their asset base, however banks are unwilling to provide them a loan unless that asset base is already in place. “If you take into consideration the spiralling cost of housing, home ownership is unachievable for most Gen Y’s so getting the business first is a smarter option.” After 22 years as the Managing Director of Silver Chef, Mr English said he had seen thousands of business success stories and seeing young people achieve their goals was extremely satisfying. “Our unique Rent-Try-Buy® “Assisting young entrepreneurs to get a start is one of the core philosophies that underpin our business. “We also know that if we support a business when they are young and growing, they will show us loyalty in coming back again and again.” End
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