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Nearly half of young mortgage holders `need help from family`

07/11/2008

In order to get on to the property ladder and secure a mortgage, nearly half of homeowners under the age of 30 require assistance from relatives, it has been revealed.

According to the Council of Mortgage Lenders (CML), the typical first-time buyer (FTB) has to put down an average deposit of £19,000.

Whereas in 2006, 20 per cent of all FTBs were putting down deposits that they could not afford from their own savings, the CML states that this figure has now risen to nearly 50 per cent.

It estimates that most of the additional money is coming from parents or grandparents.

A CML spokesman said: "If this flow of help for young buyers dries up, then opportunities for young would-be buyers to enter the market could be severely limited and we may see their numbers decrease significantly beyond what are already record low points."

Meanwhile, Helen Adams, managing director of FirstRungNow.com, recently said there is a lack of home loans available to FTBs.

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