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First-timers ask the family

One in four first-time buyers now rely on their parents to help them get on the property ladder, says First Active.

And nearly two-thirds, 64%, of those first-time buyers could not have afforded their properties without this cash injection.

Some 17% of house buyers receive a cash injection from their families. Most of these buyers are under 35.

The trend toward parental help is particularly noticeable in the South-East, where a third of buyers receive assistance. Those living in Scotland and Wales are least likely to need parental help when buying a home.

And it seems men are more likely to go cap in hand to their parents than women, with 23% getting help compared with only 15% of women.

Louis Kaszczak, national partnership manager at First Active, says: “Buying a house is a major financial decision. Making it as affordable as possible is usually top of the list for first-time buyers, but it can still be a daunting process.”

However, just because first-time buyers are getting help from their families, it doesn’t mean they are not financially savvy. In fact, in many cases they are more aware of the financial issues they face than their elders.

Some 47% of first-time buyers say they plan to remortgage once their initial deal period comes to an end.

Among those not buying their first homes, 70% of buyers say they are happy to stay put and do not intend to switch mortgages at the end of their initial deal period.


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