First time home buyers 'get more parental help'

13-Apr-2007

First time home buyers are increasingly getting more help from their parents, an expert has claimed.

According to Ray Boulger from John Charcol, first time home buyers are obtaining assistance with generating a deposit from their parents.

Indeed, this trend is far more visible in the UK than it was a decade ago, according to Mr Boulger.

"More and more people today are getting help from heir parents," said Mr Boulger, while speaking on Channel 4's News at Noon programme.

"A lot of first time buyers either get a deposit from their parents or the parents act as a guarantor," he added.

Additionally, although Mr Boulger noted the willingness of some lenders to provide mortgages up to six times a person's salary, they will not be a viable option for many first time home buyers.

To find out about the different ways of financing a first home, see our section ‘Affording Your First Home’.

Established in 1974, John Charcol is a mortgage advice firm.

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