Abbey: First-time buyers need parents
www.moneynews.co.uk > Mortgages > Abbey: First-time buyers need parents
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Money News |
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Abbey: First-time buyers need parents
Thu 24th Aug 2006
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New research discovered that 23 per cent of first-time buyers expect their parents to give them money for a deposit, whilst 13 per cent expect parents to act as a guarantor on their mortgage to help secure that first home.
However, offspring are not just looking for financial assistance but also, 33 per cent, hope that parents will help with DIY and decorating when they do finally manage to move in to their own home.
The increasing cost of the UK property market means that more first-time buyers are looking for ways to help save towards their first home, with some even moving from rented accommodation back to their parents' home to help boost potential savings.
Jeff Scott, Abbey's head of mortgages explained: "Many first-time buyers need a significant leg-up from parents to have a realistic chance of getting on the property ladder."
He added: "It is commonplace for parents to take their children back into the family home so that they can save for a deposit, as well as helping them out with cash gifts or loans."
However, even if parents are not able to help out; buyers are encouraged to consider products such as Abbey's first-time buyer mortgages which reduce the need for a large deposit.
Related News : Mortgages |
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Related News : Santander |
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