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First-time buyers are still dependent on the Bank of Mum and Dad, with two-thirds receiving help in saving a deposit for their first property.

That's despite the early launch of the second phase of Help to Buy and the growing number of competitive 95% LTV mortgages available outside the scheme.

Some 63% of first-time buyers received family financial support to help them on the property ladder, according to new research from Clydesdale and Yorkshire banks.

Of these, 28% received a loan and 22% were gifted a deposit either from their parents or another family member.

Buyers in the Midlands get the highest levels of support with 67% receiving help, closely followed by London and the South East. In the East, just 52% had support in saving for a deposit.

Of those surveyed, 30% had received between 10% and 20% of the value of their new home, with a further 37% receiving between 5% and 10%.

Andrew Pearce, retail director for Clydesdale and Yorkshire Banks, said: “This research underlines the challenges that first-time buyers face when trying to take their first steps onto the property ladder.

“Many people can struggle to save a deposit and our survey highlights that a significant proportion turn to family and friends for financial support."

Clydesdale and Yorkshire Banks recently lowered the rates on their first-time buyer mortgages, including a 95% LTV mortgage charging 4.99% and a new 90% tier at 3.99%.

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