First Time Nerves: Home | Regional Statistics | News Release
Faced with industry figures which put the average cost of a house in the UK at nearly £200,000, first time buyers can find climbing onto the property ladder as daunting as climbing Everest.
As a result, the 'bank of mum and dad' is being called on more and more; Skipton's research shows that a quarter of 20 - 35 year olds looking to buy their first property are hoping their parents are going to contribute to their deposit. In addition, more than one in 10 expect their parents to guarantee their mortgage.
Being financially independent is no longer an option for many potential first time buyers as almost 40% say they struggle to save and nearly a quarter say they fail to save anything at all. This means that when it comes to buying a house, they're having to look to their parents for help.
For those that are able to save a deposit and begin house hunting, Skipton has designed a website - www.firsttimenerves.co.uk - to make sure they know what to look for, so they buy not just a house, but a home. The site includes tips on what to ask sellers and a series of checklists to take to a viewing to make sure nothing is missed. Skipton has a range of mortgages to help any buyer - find out more by visiting your local branch or calling us on 08457 171777*.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.