First-time buyers 'more reliant than ever on parental help'

17-Feb-2010

First-time buyers may be increasingly reliant on parental help when funding their first home, with new research suggesting it costs parents more than £30,000 to support 18 to 30 year olds.

Findings from a study by The Children's Mutual show that 28 per cent of parents have remortgaged their home or are considering doing so in order to offer their child financial support beyond their teens.

That could include help with getting on the first rung of the property ladder.

David White, chief executive at The Children's Mutual, says: "No longer does turning 18 mean financial independence - in fact 16 per cent of parents questioned expected their child to remain financially dependent on them into their thirties and beyond."

Cash from mums and dads is not restricted simply to large items, such as mortgages, either - with 48 per cent saying they still help their children with everyday costs.

A survey by moneysupermarket.com earlier this week revealed that a third of under-20s rely on credit cards to live - which may make them likely to seek parental help when it comes to buying a home.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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