Bank of Mum and Dad to the Rescue

In a recent survey undertaken by both Clydesdale and Yorkshire Banks it was revealed that the vast majority of first time buyers will be given some financial assistance from their parents in purchasing their first home.

In 2005 only 38% of first time buyers required assistance from their parents when purchasing their first home.  However this figure has now almost doubled as a result of Mortgage Lenders employing more stringent lending criteria. 

Whilst a survey conducted by Shelter has revealed that almost three quarters of first time buyers do believe that banks must lend more responsibly, it will as a consequence mean that fewer people are able to get mortgages.  However with first time buyers being crucial to keeping the property market moving, it really is a case of Bank of Mum and Dad to the rescue.