Halifax mortgage expert urges parents to be savvy

Date:Thursday 14th October 2010
Author: Susanna Kavka

A Halifax mortgage representative has suggested parents may be able to offer their children more help in getting on the property ladder by learning more about their options.

Stephen Noakes, commercial director for mortgages at the organisation, suggested times have changed and it is no longer "financially viable" for people to provide their offspring with cash.

In his view, it could make a real difference if parents seek out help to learn about all the options open to them.

Mr Noakes said: "The bank of mum and dad is an important crutch for many first-time buyers, yet our research demonstrates that parents aren't as savvy as they could be."

The Halifax mortgage expert's comments were made following the publication of research by the firm, showing that 53 per cent of parents whose children are aged between 18 and 35 years old are not willing to seek financial advice on the issue.

Last week, the same company revealed that the average UK house price in September stood at £162,096.