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'Second steppers' get help with housing loan claims from parents

Youngsters are finding it hard to access credit by making bank claims, incurring loan charges or using other traditional lending sources, so are turning to their parents, research has indicated.

The study, from Lloyds TSB, found 16 per cent of people who already own a house are thinking about asking for help from their family in moving up the ladder.

Furthermore, 52 per cent of the so-called 'second steppers' questioned noted a lack of savings is preventing them from buying another property, although 62 per cent have wanted to do so in the previous year.

Ten years ago, a second stepper would have needed £14,000 in additional capital to trade-up, but this figure has risen by 194 per cent to reach £41,000 nowadays.

A recent Standard Life poll found 62 per cent of mothers and fathers are currently giving their adult children more financial assistance than their own parents did or are intending to do so when their offspring grow up.

"Parents have long been helping to fund their children's first home, but many are now having to provide further support as they move up the ladder," Lloyds TSB mortgage director Stephen Noakes said.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801381496-ADNFCR

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