"Those looking to get onto the housing ladder should take time to research what options are available to them, whilst also seeking the advice and guidance of a mortgage broker"
According to the latest analysis from The Mortgage Lender, in addition to the 11% that had help from the Bank of Mum and Dad, other common forms of help accessed by those looking to get a foot on the property ladder included Help to Buy ISAs (6%) and LISAs (5%).
TML also found that 5% benefited from Rent to Buy schemes and 6% bought used Shared Ownership.
42% of this group felt that the government had not done enough historically to support first-time buyers onto the ladder
Chris Kirby, Head of Key Accounts & Specialist Distribution at The Mortgage Lender, comments: “Affordability has proven to be one of the most pressing issues regarding the property market, and our latest research demonstrates the impact of that on the journey to homeownership.
"With rents continuing to rise in most areas of the U.K, many prospective buyers will likely feel trapped between spending more renting and high buying costs, which can lead to significant delays in being able to purchase a property, and/or having to make compromises on what or where they buy.
“On top of this, the lack of information on government schemes has led to 26% of those surveyed feeling overwhelmed with what first-time buyer scheme they should use, which makes it even more difficult to ascertain a path onto the property ladder.
“Those looking to get onto the housing ladder should take time to research what options are available to them, whilst also seeking the advice and guidance of a mortgage broker, who will be able to help clarify what support there may be, but also how best to achieve the level of borrowing they're looking for sooner rather than later depending on their situation.”
