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First time buyers increasingly borrowing from parents to get on the property ladder

26 July, 2013

According to a new report by the homeless charity Shelter, first time buyers are increasingly having to borrow large sums of money off their parents in order to get onto the property ladder.

Researchers for the organisation say that prospective home owners are borrowing a staggering average of £17,000 in order to secure the correct level of deposit for their mortgage.

As a result, an estimated 20% of parents are ‘eating into their retirement pot’ and a quarter are cutting their spending to find the money.

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