15 Sep

First-time buyers 'getting parental help'

First-time buyers 'getting parental help'

First-time buyers are increasingly turning to their parents to help them to get on the housing ladder, new research has revealed.

Research by finance site moneysupermarket.com has shown that over half of first-time buyers now have parental names on their mortgage applications as they seek help to pay upfront fees such as stamp duty and arrangement fees, the Daily Telegraph reports.

Commenting on the news, Louise Cuming, head of mortgages at Moneysupermarket.com, told the paper: "The changing face of the mortgage industry has meant first-time buyers are increasingly relying on family help for their first purchase."

Such a situation may increase the importance of finding a good estate agent to help matters run smoothly.

Recently the government announced it was raising the stamp duty threshold from £125,000 to £175,000 to help buyers, a move which may help many in those areas where average house prices come in between the two figures.

According to the latest Land Registry figures, this would include all regions outside the south and east of England.

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