26 October 2009
Many FTBs getting parental support with property purchases
A considerable number of parents are planning to help their adult children to get on to the property ladder, it has been found.
Research conducted by Lloyds TSB found that seven in ten parents think now is the right time for their offspring to purchase a home, with 23 per cent of these people intending to provide them with financial assistance to make this possible.
Commercial director of mortgages at the bank Stephen Noakes commented: "The current housing market presents a real opportunity for first-time buyers, as long as they are ready to buy with a deposit."
The expert went on to point out that housing affordability is back to the same levels seen in 2003, claiming this is the reason why so many parents are planning to use savings to assist their children.
Many consumers may be struggling to secure funding for home loans currently, according to chief executive of Telford Homes Andrew Wiseman, who suggested that the supply of mortgage funding in the UK remains restricted.