Qualified advisers answering your
Financial Questions
call 0800 092 1245

First-time buyers shunning parental help

First-time buyers are now less and less inclined to ask for parental help, according to a new report. The survey from the Abbey First Time Buyer Unit found that 9.7 per cent of young people surveyed expected financial assistance from their parents - a drop from 23 per cent when a similar survey was conducted six months ago. There was also a decline in the number who expected their parents to act as guarantor for the mortgage from 12 per cent last year to just seven per cent this year. It is thought that the fall in those seeking parental assistance is down to a number of factors, including the advent of higher income multiples and the introduction of lower deposits. Audley Gardiner of Abbey said: "Despite the decline parents still have a large role to play. With one in ten people still requiring parental help to buy and over half still needing help on moving day, it's not just the children that feel the financial burden of buying a home." Of the those who did expect their parents to help them with the mortgage 15 per cent anticipate never being in a position to return the money, while 55 per cent do not expect to be required to pay it back.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details