First-time buyers 'turning to family'
A large number of first-time buyers are turning to their family for help to get onto the property ladder, according to the Council of Mortgage Lenders (CML).
Bernard Clarke, the spokesperson for the organisation, said that younger people are asking their parents for help as many older generations have experienced equity growth that they can draw on to help their children raise a deposit.
"That's great for those who are in the fortunate position of having relatives who are able to and willing to do that – but not everybody's in that position," he explained.
However, the expert went on to state that first-time buyers should look at their individual circumstances before thinking about using an unsecured personal loan to cover the deposit.
"That may be an option for those who have a large income, whose problem is… that they simply haven't got the immediate liquidity to provide a deposit," he added.
Research by the CML which was published earlier this year found that first-time buyers represented 37 per cent of all house purchasers in the UK.
© 2008 Adfero Ltd
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