Over 80% of FTBs rely on parents' help

Around 84 per cent of first-time buyers rely on the financial support of their parents, those interested in cheap mortgages may be interested to learn.

The study, compiled by Clydesdale and Yorkshire Banks, is more than double the figure in 2005, when just 38 per cent of new homeowners needed parental help to purchase their first home.

Furthermore, just under half of first-time buyer properties are bought jointly, either as a couple or with a friend.

Steve Reid, retail director for Clydesdale Bank, said that it is becoming increasingly common for people to need help getting on the property ladder, even when seeking cheap mortgages.

"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," he added.

The Council of Mortgage Lenders recently admitted that lenders are supportive of regulatory reform in the mortgage market. 

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2011-05-26 13:10:50 © Moneyextra.com