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Loan protection: Most first-time buyers rely on parents

People seeking out loan protection may be interested to hear that a massive 84 per cent of first-time buyers now have to rely on financial help from their parents.

Research by Clydesdale and Yorkshire Banks revealed that this is double the number who relied on help from parents in 2005, which only 38 per cent of first-time buyers needed assistance.

Steve Reid, retail director for Clydesdale Bank, said: "It is becoming increasingly commonplace for first time buyers to require financial help from their parents when buying their first home."

The findings also revealed that these people are not only relying on parental support to buy their first property.

It also showed that almost half (47 per cent) of properties bought by first-time buyers had been purchased with a joint income - be it with a couple or a friend.

Ben Wilkie, What Mortgage magazine editor, recently said that first-time buyers should shop around for a mortgage rather than just going with the bank they hold a current account with.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.


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