The survey on over 2000 prospective homeowners also found 73% knew defaulting on a phone contract can affect them and 60% knew where to find their credit ratings.
Helen Adams, founder of FirstRungNow, said: “With property prices still so high and first-time buyer mortgages still fairly hard to come by, parents are invariably getting involved by lending or donating a deposit.
“Further research by FirstRungNow reveals that 28% of also expect their parents to help out with the deposit, by harnessing their earning power, acting as guarantor or depositing a proportion of the property’s value into a special savings account.
“Although lenders find first-time buyers more costly to deal with, there is a propensity to lend to good borrowers.
“Aspiring home owners should seek first-time buyer mortgage advice online and speak to mortgage advisers who cover the whole of the market rather than focusing on just one lender.”
