First-time mortgage applicants 'rely on parental support'

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First-time mortgage applicants 'rely on parental support'

People looking to take their first step on to the property ladder could be interested to hear new statistics released by Clydesdale and Yorkshire banks.

The mortgage lenders revealed that 84 per cent of first-time buyers rely on parental support throughout their application.

In addition, researchers found that 47 per cent of properties were purchased using the help of a partner or friend.

The number of people seeking financial help from their parents has more than doubled since 2005, when just 38 per cent of prospective homeowners relied upon their funds.

Steve Reid, retailer for Clydesdale Bank, said: "At Clydesdale and Yorkshire Banks, we recognise that first-time buyers are vital to keeping the property market moving and are committed to helping them with our range of competitive products."

This news comes after a YouGov survey, conducted on behalf of Shelter, revealed that three-quarters of first-time buyers want banks to adopt fairer lending practices.

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