Majority of first time buyers get help from parents

According to new research by the Council for Mortgage Lenders, 64 per cent of first time buyers in Northern Ireland and the rest of the UK got financial assistance from their parents to complete their house purchase last year.

The number of new property buyers having to get money from the so-called 'bank of Mum and Dad' has doubled since 2007, when those needing assistance was around 30 to 40 per cent. Deposit requirements have increased significantly since then, and is cited as the single biggest difficulty for the current crop of first time buyers. Existing home-owners, referred to as second steppers, have also had to turn to their parents to fund a house move, with 26 per cent saying they would need help from family or friends.

If you are buying a property in Northern Ireland, or are considering selling or remortgaging your existing house, contact one of the conveyancing solicitors at Wilson Nesbitt in Belfast by calling 0800 840 9290.

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