» Read the complete article

New research has found that more and more indebted people are resorting to moving back home with their parents.

Abbey has showed that over one million British 18-24 year olds either returned home to live with their parents in 2008, or stalled plans to move out, in order to save money.

But it's not just youngsters who've swallowed their pride and headed for home. Abbey's research also found 440,000 'Boomerangers' amongst 25-34 year olds and a further 471,000 amongst 35-44 year olds – totalling some two million people returning home nationally.

If you are having trouble saving and paying rent, or think you should take a step back from your mortgage, that's a sensible plan. Anything should be done right now to save and plan for the future. Maybe you don't need to do something as drastic as moving back home, bit there are always options.

Nici Audhlam-Gardiner, director of Abbey Mortgages, says: "Millions of Britons have realised that sometimes you have to take one step backwards in order to go two steps forward. So while returning home or delaying your plans to move out might feel like a sacrifice, it's actually a great opportunity to save enough money to put down a deposit on a property of your own. This is especially important in the current market where the bigger deposit, the better the mortgage rate you will be eligible for."

Whatever you decide to do to make the most of your money, talk to an adviser. They will be able to help you create some concrete, realistic long-term financial plans that will help you get back on the straight and narrow.

SOURCE: Abbey, 09/02/09

To Keep up with news and comments on the current adverse credit market please visit the Adverse Mortgage Blog.