UK Money News
24th April 2008
More first time buyers turning to parents for help
More and more first time buyers are relying on their parents to help them with raising a deposit as market conditions for novice buyers continue to worsen, according to the Council of Mortgage Lenders (CML).
As mortgage providers look to shore up their balance sheets and cut their exposure to risk they have withdrawn 100 per cent mortgage products from their range and raised the size of deposits required to secure the best value deals.
This has hit first time buyers especially hard, since raising a deposit has proved the most significant barrier to getting on the housing ladder.
As a result of these moves, the number of first time buyers turning to their parents for help is on the rise, according to Bernard Clarke, a spokesman for the CML.
He said: "[Family is] increasingly the main option for first-time buyers. It is another option, but it's only open to those who are able to call upon that help, and whose relatives are able to provide it.
"But we have seen [parents] who have enjoyed equity growth in their own property over a period, being able to draw on that to help relatives who are first-time buyers with a deposit."
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