Lloyds TSB: Parents helping children with mortgages

Date:Friday 23rd October 2009
Author: Max Freedman

Lloyds TSB has noted that many parents are trying to aid their children in their hopes of taking out a mortgage by saving money for their deposit.

Stephen Noakes, commercial director of mortgages at the bank, claims that research by Lloyds showed that 70 per cent of parents with adult children who do not own property think that it is now a good time to invest in a home.

He commented that it is not a surprise to see people getting help saving up for their mortgage deposit.

Mr Noakes explained: "With the current situation and the uncertainty in house prices, we - and indeed the broader industry - are now requiring a higher deposit."

The study by Lloyds also indicated that 93 per cent of parents are planning on giving the same financial assistance to all of their children.

This suggests the older generations are happy to help, added Mr Noakes.