First-time buyers turn to family for mortgage help

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First-time buyers turn to family for mortgage help

Following the disappearance of all 100 per cent mortgages from the market over the last few months, many first-time buyers are having to turn to family members for help raising a deposit, according to the Council of Mortgage Lenders.

Bernard Clark, a spokesperson for the organisation, noted that homeowners who have held their property for ten years or more are likely to have "seen a significant equity growth", which they can then draw on to help their relatives get on the property ladder.

"That's great for those who are in the fortunate position of having relatives who are able to and willing to do that - but not everybody's in that position," he added.

Mr Clark suggested that personal loans could be taken out to cover a deposit in some instances, but said this would only really be viable for someone with a large income who could service two debts.

At the beginning of this month Abbey became the final lender to withdraw its 100 per cent mortgage products, meaning that all first-time buyers will have to find a deposit.
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