First time buyers 'less likely' to seek parental help

01-Mar-2007

A new survey suggests first time buyers are becoming increasingly able to secure a mortgage without financial assistance from their parents.

The Abbey poll finds that the number of first time buyers relying on mum and dad to help pay for a deposit on a house has fallen by about half during the course of the past six months.

Some 9.7 per cent of people looking for their first home say they are planning to borrow money from their parents, in comparison to the 23 per cent of respondents which said they would need parental help in mid-2006.

"Part of this is due to the rise in the number of mortgage providers offering better solutions to suit the needs of would-be homeowners," comments Nici Audhlam-Gardiner, head of mortgages at the company.

However, the spokesperson adds that many first time buyers are still relying on their parents for help with other things such as the practicalities of the move.

A recent report from the Council of Mortgage Lenders found that people getting their first home last year borrowed at the highest rate ever recorded in order to secure a mortgage and now spend almost one-fifth of the earnings on repayments.

To find out which mortgages are available for parents and their children, review all relevant mortgages. .

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