Breakfast queue in Spitalfields with mortgage advice served up with cornflakes for those hungry for their own home
- Credit: Lucy Young
Queues spilled out onto the street in Spitalfields for breakfast when financial experts served up money and mortgage guidance with the coffee and cereal for those in their 20s wanting a home of their own.
The aim of today’s free pop-up breakfast was to help millennials—those born in the 1990s—who are hungry to get on the property ladder.
“It’s the first time I’ve taken steps to learn about my personal finances,” 28-year-old breakfaster Thomas Campbell said. “The guidance will help make my property dream a reality.”
The Breakfast Club venue was transformed in the pilot scheme by Noddle credit report and score agency when 100 people in their 20s arrived for a free breakfast served up with advice to help them own their own home.
One-in-five of the “unlucky” millennial generation don’t think they’ll be accepted for a mortgage, with one-in-10 having given up altogether.
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That’s what prompted Noddle to start its ‘breakfast with mortgage advice’.
Noddle’s Jacqueline Dewey said: “There’s a lot of pessimism around millennials’ chances, but we want to challenge this notion and help them own their own home.
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“This generation can achieve financial goals if they plan effectively for the future.”
Millennials struggle to get on the ladder compared to previous generations, with only one-in-three managing it by their late-20s. That compares to half the so-called ‘Generation X’ buying their own home and six-out-of-10 of the post-War ‘baby boomers’ born in the 1940s and 50s.