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Parents forced to fund FTB purchases, says Government

Parents could find themselves under increasing financial pressure to help their children onto the property ladder if new home are not built, Housing Minister Yvette Cooper warns today.

Fourteen thousand people a year are releasing equity from their homes to help them buy another property, often for their children. The average sum withdrawn is £74,000, Government figures show.

The figures also show the percentage of young people under 30 buying their own home with a mortgage has dropped. In 2001, 40 per cent of under-30 households were buying with a mortgage and 33 per cent were renting privately. By 2006, the situation had changed with 34 per cent buying and 41 per cent renting.

The Government says more new homes needed to be built to tackle long-term affordability problems.

Housing and Planning Minister Yvette Cooper said: “Many people are still opposing the increased housing we need so badly. Yet it won’t just be young people who lose out if we don’t build the new homes the next generation needs. These figures show their mums and dads will feel the heat too.

“It’s also unfair on people who can’t get family help to get them started. People’s chances of home ownership should not depend on whether or not their parents or grandparents were home owners before them.

“That’s why we need to support more homes, and more shared ownership schemes, to give people a first step on the ladder.”


Former chief execs back with internet

Some of the biggest names in Scottish financial services, including former Scottish Widows chief executive Mike Ross, are backing a new online mortgage venture.The founding directors of Mform also include former Scottish Widows finance director and Scottish Widows Investment Partnership chief executive Bill Main, former Britannic Group and Britannic Asset Management chief executive Danny O’Neil […]


Henderson joins Pos Sol board

Mark Henderson has been promoted to the board of Positive Solutions as director of wealth management. Henderson joined Positive Solutions in 2001 as business development manager and was promoted to assistant director earlier this year. He has more than 20 years’ experience in the high net worth and ultra high net worth advice sector, having begun […]

BBA questions TSC findings

The British Bankers’ Association has questioned the Treasury select committee’s belief that poorer customers are finding it hard to open bank accounts.The second part of the TSC’s financial inclusion report found that certain banks treat low earners as second-class citizens- for example by not allowing basic account holders access to branch counters- and such customers […]

Standard Life launches new business application

Standard Life has launched an online new business application for capital investment bonds and distribution bonds on its adviser website.The bonds have previously been available to quote online on adviserzone and the main portals but the new business application allows data from these quotes to be re-used to apply for new business which aims to […]


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