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Half of FTBs want to borrow deposit

Nearly half of a prospective first-time buyers plan to borrow their mortgage deposit from their high-street bank, according to research from the AITC.

It shows 47 per cent are thinking of using a bank loan for their deposit while 38 per cent of people between 16 and 34 plan to ask their parents for the money.

The AITC conducted the research to demonstrate to parents how they need to save as their offspring are increasingly relying upon them in adulthood for financial assistance.

Buying a property is an immediate priority for 15 per cent of all adults but that figure rises to 24 per cent for 25 to 34-year-olds. Many believe it will take them some time to save for their deposit, with 55 per cent saying they think it will take them five years or more.

Over half are saving for a deposit, with 14 per cent investing in the stockmarket in shares or pooled collective investments.

Communications director Annabel Brodie-Smith says: “Parents beware. As a better alternative to the bank manager, the pressure could be on to produce large lump sums out of thin air. If you would like to help your children in this way it is easy to start saving with an investment trust regular savings scheme.”

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