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Wednesday, June 10, 2015

Bank of mum and dad helping FTBs

The bank of mum and dad is helping get first time buyers onto the housing market.

The Halifax report that 28% of parents say their children moved back home to help them save for their first home, before increasingly helping with the deposit on a first home and even contributing to mortgage repayments.

The Halifax data, collected in the past five years, includes responses from 40,000 20-45 year olds and 4000 parents. 

The bank says 26 % of parents put money in for a deposit and 6% help with monthly mortgage payments. Over half of parents who own a property help with their children's deposit.

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