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.

Take advantage of our discounted landlord insurance rates