First time home buyers 'anticipate' parental help

24-May-2007

A number of first time home buyers expect to require assistance from their parents, a study has found.

According to data released by the Council of Mortgage Lenders (CML), 31 per cent of first time home buyers are in a position where they anticipate financial support from their parents.

Indeed, of those under the age of 25 who now own a home, 76 per cent have confirmed that it would not have been possible without parental support.

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

"Over the past few years, parents have already been providing significant help to younger homebuyers and there is uncertainty about whether they can do even more," said Bob Pannell, head of research at the CML.

The CML also found that irrespective of whether support came from parents, 35 per cent of first time home buyers would not be able to get a foot on the housing ladder without monetary assistance.

Based in the UK, the CML is a trade association for Britain's mortgage lending sector.

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