25% of First Time Buyers ask Relatives to help them onto the Property Ladder

Nov. 21, 2009 - PRLog -- A recent survey shows that two thirds of first time buyers believe they are missing out on getting a foot on the increasingly elusive property ladder due to being unable to raise the necessary deposit.

The Miller Homes survey of 3,000 prospective first time buyers found almost a third believed they had a five year savings stint ahead of them; that one in ten had been saving for over five years and still didn’t have what they needed; and that over 30% didn’t have any savings at all to use as a deposit.

Interestingly, a quarter of respondents in the survey said they would ask for help from a relative to raise the cash they needed. No doubt relatives would be eager to help their loved ones make a start in life, but where will they get the cash needed for the deposit without getting into financial difficulty themselves?

Geoff Charles, Managing Director of Bower Retirement Services (http://www.brsequity.co.uk), says it could already be sitting there waiting to be unlocked, safely and without risk or financial burden.

“Parents or grandparents who own their own homes will more than likely have accumulated value in their properties over the years. This can be released as a cash lump sum – tax free – and given to the younger family members to use as a deposit on their first home. It’s such a simple solution.”

Geoff says that it is becoming increasingly common for people to consider helping family members now when they need it, rather than in the future. “From experience we’ve found that the entire family is happy with an equity release arrangement. The parents or grandparents are happy that they have done something positive for the younger members of the family, and the younger members of the family are delighted to be on the property ladder sooner rather than later.”

Taking independent financial advice from a Financial Services Authority regulated equity release specialist when considering equity release is vital.

Bower Retirement Services is an FSA regulated independent financial advice company that offers specialist whole of market advice on equity release throughout the south of England. For more information e-mail info@brsequity.co.uk or call 0800 4118668. Bower Retirement Services offers a free, no obligation initial consultation to homeowners considering Equity Release.

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Bower Retirement Services is an FSA regulated independent financial advice company that offers specialist advice on equity release throughout the south of England. For more information visit http://www.brsequity.co.uk