Everest industry news
First-time buyers turn to family
25 April 2008
Growing numbers of first-time buyers are turning to their families for help in climbing the initial rung of the property ladder, according to the Council of Mortgage Lenders (CML).Spokesperson Bernard Clarke confirms that relatives are "increasingly the main option for first-time buyers", at least for those lucky enough to have generous family members.
"We have seen [parents] who have enjoyed equity growth in their own property over a period, being able to draw on that to help relatives who are first-time buyers with a deposit," added the CML mouthpiece.
"That's great for those who are in the fortunate position of having relatives who are able and willing to do that."
For those not able to call upon family help, unsecured personal loans may be an alternative option, dependent on "individual circumstances", added Mr Clarke.
Buyers are urged to make use energy performance information provided with Home Information Packs, which are now compulsory for all newly-marketed properties.
This gives an indication of how efficient the building is and how high energy expenditure is likely to be.
Homes fitted with loft and cavity wall insulation, as well as double glazing and a modern boiler are likely to be much more fuel efficient, cutting down on unnecessary costs.
