First-timers begin to cut the apron strings

First-time buyers are starting to ditch parental help and fend for themselves when it comes to buying their first homes, Abbey reveals.

A survey by Abbey has found that first-time buyers are less likely to ask their parents to help them financially when buying homes than six months ago. It also found only 7% expect their parents to be their mortgage guarantors compared with 12% a year ago.

Of those that expect to get financial help, the survey found that 55% believe their parents will not expect them to repay the money while a further 15% believe they will never be in a position to pay them back.

Nici Audhlam-Gardiner, head of mortgages at Abbey, says: “The decline in the number of potential home owners relying on their parents shows first-time buyers are finding alternative funding. But parents still have an important role to play.”

Mark Maguire, head of external communications at GE Money Home Lending, says: “Aspiring first-time buyers continue to face financial problems but the news that more of them are going it alone is good for the industry.

“These figures show that first-timers are not deterred by increasing interest rates and also the extent to which lenders have adapted their products to meet the needs of first-time buyers.”