Aspiring homeowners rely on family help

15-Feb-2006

First time buyers are increasingly turning to their parents for financial help in buying a property.

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Parental contributions have helped over half a million graduates to get on the first rung of the property ladder since 2000, revealed recent research by Scottish Widows Bank.

Over a third of graduates admitted they had relied on their families to help raise a deposit or arrange a mortgage, as rising house prices prevent them doing it alone.

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Graduate mortgages and mortgages with parents have become increasing popular as aspiring homeowners remain determined to get onto the first rung of the property ladder.

"It is clear that there is an ongoing struggle for graduates to take that first step onto the housing ladder and, with house prices at historically high levels, it's not getting any easier," commented Murdo McHardy from the bank.

"Even those graduates that have been working for several years are forced to borrow money from their friends and family."

Top of the graduates' wish list for improving the house buying process was removing the need for a deposit, followed by bigger loan amounts and taking future earning into consideration.

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