Nearly 60 percent of first time buyers of residential had in the first quarter of this year to be helped by their parents or others to raise enough equity. It turns customer analysis that the bank has carried out.
– Our numbers are probably fairly representative statistically, says credit manager Change Jo Reitetinden in Sparebank 1 SMN to Dagens Næringsliv.
The number of first time buyers who need help to acquire enough equity is increasing. In 2010 there were 30 percent who needed help, according to the bank.
– As the five years parental participation doubled. At the same time the level of debt for young people increased, says Reitetinden.
The most common way to help kids on bail. According to Sparebank 1 SMN a guarantee parents for almost 40 percent of all first time purchases, compared with 26 percent in 2010. Many parents do not plan well enough through such commitment, according Reitetinden, showing that three out of ten parents in hindsight regret that they gave housing assistance.
– I just think the good times have dulled us a bit and we guarantee for easy on too much, says Reitetinden.
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