Abbey Mortgages: Parents give home buying help
www.moneynews.co.uk > Mortgages > Abbey Mortgages: Parents give home buying help
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Abbey Mortgages: Parents give home buying help
Thu 28th Feb 2008
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After a decade of meteoric house prices rises many first-time buyers are finding it difficult to get on the property ladder, meaning that some have to ask their families for financial help.
It found that one in seven first-time buyers are given money by their parents, who contribute an average of £5,874.
Meanwhile one in 16 borrow money from their parents to buy their first home, with the average loan standing at £19,619.
British mums and dads are not only giving their money to their children, but their time as well, with parents spending an average of 17.8 hours helping their kids to choose their first house and more than 22.5 hours helping them to move in.
Nici Audhlam-Gardiner, head of Abbey Mortgages, comments: "Because house prices have increased so much over the past few years, buying that first home is also a bigger and more daunting investment than it was for the previous generation so guidance is undoubtedly needed."
Research released by Abbey last month found that first-born children are the most likely to be given money towards buying a home, but they also tend to receive a smaller sum than their younger siblings.
Related News : Mortgages |
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Related News : Santander |
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