25 Apr

Families 'assisting first-timers'

Families 'assisting first-timers'

First-time buyers are looking to get more help from their families financially as a result of the credit crunch, the Council of Mortgage Lenders (CML) has claimed.

Such avenues provide an extra "option" for younger people attempting to get on the property ladder, the CML said, especially as most 100 per cent deals have been discontinued.

Now parents can fall back on equity growth that they have witnessed during the boom years to help out their offspring with deposits, spokesman Bernard Clarke asserted.

Moreover, first-timers should also exert an element of caution when opting for personal loans to cover deposits as they will have "two debts to service".

"That may be an option for those who have a large income, whose problem is … that they simply haven't got the immediate liquidity to provide a deposit," he commented.

In February this year, first-time buyers accounted for 37 per cent of those purchasing property, the CML stated recently.ADNFCR-1222-ID-18568797-ADNFCR

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