Almost A Third Of People Would Support Family If They Were Mortgage Or Rent-Free & Had An Extra £1,000 A Month
SUPPORTING family (31%) or investing (31%) is what most people1 would do with the extra cash (£1,000 a month) if they had no mortgage or rent to pay, a survey by Elan Homes has found.
While the majority of people surveyed1 wanted to share the wealth (if they had an extra £1,000 a month and didn’t have a mortgage/rent to pay) – 31.38% said they’d help family and 8.9% said they’d donate to charity – the cost of living crisis was also evident from the results.
One person said they’d buy more food and switch the heating on when it’s cold, while others (four people) said they’d clear debts including credit cards.
Marie Morris, sales director for Elan Homes in the North, said: “Housing costs are usually the biggest monthly outgoing for most people. Our survey2 found that for 61% of respondents their mortgage or rent was more3 than the other combined monthly bills, with 32% paying significantly more for housing than their other combined monthly bills. We’re currently offering to pay up to £1,000 a month for a year4 towards the mortgage on selected new homes and so also asked what people would do if they had that cash to spare.
“It’s heartening to know that if they had an extra £1,000 a month and didn`t have a mortgage/rent to pay almost a third (31%) of those surveyed1 would support their family. An equal amount of people (31%) said they would invest the money, which would be a wise move.”
After supporting family or investing, the next popular option was splashing out on holidays, with just over a fifth (21.08%) stating they’d use the cash to go on a luxury holiday/travel. Other answers included buy a new car (14.75%), reduce working hours (14.52%), buy new furniture (14.05%), treat themselves to a new wardrobe (9.13%) and donate to charity (8.90%). Some of the respondents didn’t know what they’d do with an extra £1,000 (7.26%), while others (6.79%) said they wouldn’t do anything particular with the money if they didn’t have to rent or a mortgage to pay.
Tracey Ball, Elan’s Midlands regional sales director, added: “Almost everyone is looking at ways they can reduce the cost of living and household bills and this was reflected in the survey results. Paying off debts, including credit cards, was cited by a number of people (4 people), while one person simply wanted to buy more food and switch the heating on when it’s cold. Others said they’d save the money (2 people), add to their pension (1 person) or pay for dental treatment (2 people). A couple of people (2 people) said they’d carry out repairs or renovations to their homes, but with a move to a new Elan home they wouldn’t have to worry about and they’d still potentially receive up to £12,000 towards their mortgage over the course of the year.”
Developments where the mortgage paid offer is available on selected homes include Balmoral Gardens in Southport, Merseyside; at Birchfield Court, Swinton, Greater Manchester; at three Lancashire locations – Redwood Gardens, between Blackpool and Lytham, Wrea Green Meadows in Wrea Green and Whittingham Fold in Goosnargh; in Staffordshire at Seven Acres, Elford, and Vardons Keep in Tettenhall; Three Js in Abberley, Worcestershire; and Pickards at Larkbear in Barnstaple.
All Elan homes achieve a minimum EPC (energy performance certificate) rating of B, making them eligible for green mortgages, which can offer lower interest rates than a standard mortgage.
For more information about Elan Homes see http://www.elan-homes.co.uk/
- Respondents who currently pay for a mortgage/rent.
- The research was conducted by Censuswide with 1001 UK General Respondents (Nat rep) between 03.03.23 to 07.03.23 Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles and are members of The British Polling Council.
- Combination of those who selected “My mortgage or rent costs significantly more than my other combined monthly bills” and “My mortgage or rent costs slightly more than my other combined monthly bills”.
- https://www.elan-homes.co.uk/help-and-support/tandc-s
