More parents 'helping out mortgage applicants'

Date:Monday 7th June 2010
Author: Susanna Kavka

A sector expert has suggested that more people are able to apply for home loans without a partner because they receive help from their parents.

These comments were made by managing director of FirstRungNow.com Helen Adams, who was responding to research by Santander Mortgages, which showed that more people are buying a property alone than with a spouse.

She suggested that this situation has come about because parents are getting involved to help out their offspring.

Ms Adams said: "It is obviously more straightforward to buy on your own, so I think more people are getting help from their parents [to make] it more straightforward."

In her view, the situation used to be different, with individuals realising that they needed to buy a property with someone else - such as a sibling or friend - if they wanted to afford a house while they were still single.