First time buyers choose the independent route

18-Oct-2005

Aspiring homeowners prefer to be in control of buying their first property and are determined to fund the investment by themselves, says a new report.

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Despite recent research which indicated that an increasing number of first time buyers were forced to live with their parents whilst they saved up, it seems that they are choosing to fly the nest without any help.

The survey by Westpoint Mortgage Management found that 76 per cent of first timers financed the purchase of their property without any family assistance, while 32 per cent said they only received advice.

For those who did admit to some family help, 26 per cent said they were assisted with the deposit money and 21 per cent asked their parents to be guarantors for the mortgage agreement.

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John Mills, managing director of Westpoint Mortgage Management, agreed that many aspiring homeowners found it difficult to get on the first rung of the property ladder but said that the majority were happy to go it alone.

"These findings demonstrate the sheer determination of today's first-time buyers to get on the property ladder," he told the Daily Record.

Mr Mills urged potential property buyers to seek advice regarding mortgage deals and deposit queries, to ensure they found a deal to suit their individual needs.

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