Daughters get helping hand on property ladder

16-Mar-2006

Daughters get more financial help to get their foot on the first rung of the property ladder than sons, according to new research.

Results published yesterday by the Co-operative Bank suggest that female first-time buyers get 72 per cent more help than their male counterparts.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker

Figures show that the average amount paid to female first-time buyers is £7,240, compared to the average £4,200 that sons receive.

"Many first-time buyers rely on help from mum and dad to get onto the property ladder," said David Newman, director of marketing management at the Co-op.

Aspiring first time buyers applying for shared ownership are advised to consult a good mortgage broker.

Statistics also show that in 1995, one in ten aspiring homeowners needed to borrow money to help them get on the property ladder, but last year that figure had risen to 50 per cent.

Of those parents who do choose to donate, nearly half choose to fund deposits, with 46 per cent buying furniture for their children and 21 per cent purchasing home necessities.

"Much has been written recently about parents that fund deposits, but our research has found that it comes in many different forms, from those who are willing to be guarantors to those who help to fund furnishings and other important DIY and building work," concludes Mr Newman.

Aspiring first time buyers wanting advice on mortgages, to find out how much they can borrow and how much it will cost, should request advice from the UK’s leading High Street Brokers, Bradford and Bingley.

Aspiring first time buyers worried that their debts, CCJs or poor credit history should consult a good mortgage advisor

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