Parents to the rescue for buyers
ECF, which is developing the Merchant Gate apartments in Wakefield, say that parents are encouraging their children to purchase property.
A survey at a recent mortgage workshop showed that in 57 percent of cases, the “bank of mum and dad” had suggested helping out rather than being asked for a loan.
Pauline Sangster, residential sales and marketing manger for ECF, says: “It seems that parents are all-too happy to assist their offspring to get on the property ladder and are positively encouraging this, especially when deposits at Merchant Gate can be as low as five per cent.”
Prices at Merchant Gate start at £81,950, www. merchantgateapartments.co.uk