Mis-sold Mortgage Claims > Mortgage News
Majority of first-time buyers seek parental help
Fri, 27 May 2011
An overwhelming majority of first-time buyers rely on financial support from their parents to secure their first mortgage .

In a poll by Clydesdale and Yorkshire Banks, some 84 per cent of those buying their first home receive help from mum and dad, more than double the 38 per cent who did so in 2005.

Furthermore, Just under half (47 per cent) of properties bought by first time buyers have been purchased with a joint income, either as a couple or with a friend.

Steve Reid, retail director for Clydesdale Bank, said: "In addition to offering up to 95 per cent loan to value mortgages, we recently launched our Regular Home Saver product, which helps first time buyers save towards a deposit for their first home.

"With almost half of first time buyers purchasing a property with a joint income, this should help to make the process simpler for both parties."

According to a recent survey by moneysupermarket.com, those planning to buy their first house estimate they will be an average of 38 years old before they can afford a mortgage . 
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