According to research from the Bradford & Bingley, around four in 10 first time home buyers are being given financial aid from their parents.
Of that help, the research found that half of parents contributed to the deposit with a further one in four actually taking money from their own savings to contribute.
With house prices rising, the contribution of parents, especially in cases were their name is signed to the mortgage deed along with the child, is helping first time buyers purchase property which would traditionally be out of their reach. The research reveals that around a tenth of parents have taken this option, with 3% having re-mortgaged their own home to raise the cash.
The survey also revealed the other ways in which parents contribute to their child’s first home, with close to 10% paying other bills and 14% buying furniture.