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First-time buyers 'seek help from parents'

UK first-time buyers are increasingly turning to their parents for help when buying their first home, it has been claimed.

According to the Council of Mortgage Lenders (CML), more and more people are asking for financial assistance from their family to raise the money for a deposit.

Bernard Clarke, spokesperson for the CML, pointed out that many parents have enjoyed a growth in equity on their own property, putting them in a position where they can help their children.

Some families may not be so fortunate, however, Mr Clarke highlighted.

"[Family is] increasingly the main option for first-time buyers," he said.

"It is another option, but it's only open to those who are able to call upon that help, and whose relatives are able to provide it," he added.

People in such a predicament may consider taking out a home loan.

Some 37 per cent of the housing market in February this year was made up of first-time buyers, according to CML statistics.

See how much you could borrow with a home loan from Lombard Direct.
© Adfero Ltd

25/04/2008 10:31:54

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