View more on these topics

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.”


Wimpey to accept exchange bonds

George Wimpey is offering house buyers the opportunity to opt out of paying cash deposits by using an exchange bond designed by The Exchange Insurance Company.

S&S release B2L fixed rate

Stroud & Swindon has released a buy-to-let two-year fixed-rate mortgage at 5.49%.The mortgage is fixed until May 2009, and when the offer ends the rate moves to a 0.5% discount from the buy-to-let standard variable rate. There is a maximum LTV of 75% and early repayment charges of 2% until May 31 2009, as well […]

Loans and mortgages in harmony

The good news just keeps on coming for the secured loans sector. For intermediaries who still have worries over the reputation of secured loans and the impact this might have on their business, it is worth taking a look at the latest move in bringing secured loans into line with the mortgage market.

Wonderful vision of a fully protected nation

I could hardly believe it when I read about this – starting in July this year, every German resident has to take out and maintain health insurance.


News and expert analysis straight to your inbox

Sign up