People 'increasingly relying on parents for mortgage help'

Date:Friday 7th August 2009
Author: Max Freedman

People seeking to get on to the property ladder are increasingly relying on parents for assistance, an industry practitioner has said.

Helen Adams, managing director of FirstRungNow.com, claimed that first-time buyers in the UK are getting older and fewer consumers are able to fund property purchases by themselves.

She stated: "Those people who do get on to the property ladder will invariably be those who have help from their parents, either in the form of a guarantor, a joint mortgage or a deposit."

The expert went on to suggest that people seek advice from an advisor before deciding which home loan to choose.

Ms Adams also pointed out that there are initiatives, such as the government's Home Buy Scheme, which have been set up to help people who are struggling to get on to the property ladder.

Meanwhile, figures released recently by the Council of Mortgage Lenders revealed that the average age of first-time buyers, excluding those getting help, is now 37.