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Most young people need some help from their parents to have any hope of getting onto the property ladder – and both need help from a mortgage adviser if they are to be successful.

According to the Council of Mortgage Lenders, 80% of all under 30s now need financial help from a parent or relative to get on to the housing ladder. It says before the financial crisis it was just 45% of all young people.

As a result, those under the age of 34 are half as likely to be able to get a mortgage than those ten years ago.

The CML says: “What is most striking is that to get into the market, today’s first-time buyer is putting in a deposit of around £34,000, equivalent to more than their total gross annual household income. Only three years ago the deposit required to enter the market was a much more manageable – but still hefty – 37% of annual household income, at £12,700."

For the first-time buyer, a mortgage adviser is always crucial. The first time someone signs up for a mortgage it can be a challenging, daunting task so having a professional there to make sure everything goes smoothly is a big help.

And for those parents who are helping the first-timers, financial advice is equally as crucial. It might mean remortgaging, it might mean unlocking equity in their home or it might mean the cashing in of assets like stocks, bonds or pensions. However they find the money, they need a professional by their side as much as their kids do.

SOURCE: CML, 02/03/10

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