Struggling buyers turning to family for deposit money
The withdrawal of 100 per cent mortgages has meant many first-time buyers are having to turn to family members for deposits - if they are so fortunate.
According to the Council of Mortgage Lenders (CML), borrowing deposit money off family is an increasingly popular option.
However, Bernard Clarke, spokesperson for the CML, said that this was not the case for all.
"It is another option, but it's only open to those who are able to call upon that help, and whose relatives are able to provide it," he said.
"That's great for those who are in the fortunate position of having relatives who are able to and willing to do that - but not everybody's in that position."
Mr Clarke said that taking out a personal, unsecured loan to cover the deposit was an option, but that it would leave first-time buyers with "two debts to service".
Abbey was the last major lender to withdraw its 100 per cent mortgage product in early April.
Published 25th April, 2008
© 2008 Estates IT Limited
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The withdrawal of 100 per cent mortgages has meant many first-time buyers are having to turn to family members for deposits - if they are so fortunate.