Over a third of first-time buyers rely on parents for homebuying advice

Parents are the most trusted source of information for those taking their first step onto the property ladder, according to new research from Lloyds. 

The study of 2,000 prospective first-time buyers has revealed the ‘knowledge bank of mum and dad’ now ranks above mortgage brokers, estate agents and even lenders when it comes to navigating the homebuying process. 

Where first-time buyers turn for help 

A third (34%) of prospective buyers say their parents are their first port of call for advice – ahead of mortgage brokers (29%), estate agents (28%) and lenders (19%). Among 18–24-year-olds, almost half (46%) lean on parental guidance. 

Social media becoming a go-to source  

TikTok is also becoming a go‑to source of information for the youngest buyers, with three in ten (31%) 18–24‑year‑olds using the platform for homebuying insights. YouTube is also popular, used by nearly a quarter (23%) across all ages. 

Men are more likely to favour YouTube (33%), while women prefer TikTok (22%).  

Still, almost a third (31%) of all respondents say they don’t trust any social platform for homebuying guidance – suggesting that while social media plays a role, uncertainty remains. 

Financial support still key  

Family support doesn’t stop at advice. A quarter (25%) of first-time buyers receive financial help from parents, rising to 43% when wider family members are included – far higher than the 13% using government schemes such as Lifetime ISAs. 

Supporting first-time buyers along the journey 

Despite the wealth of information available, only 13% of first-time buyers say they fully understand the process of buying a home.

 Alongside its team of mortgage advisers, Lloyds provides a range of online guides and expert-led sessions to help buyers feel more confident at every stage of their journey. These are available through the Lloyds First Time Buyer Hub. 

Ola Majekodunmi, Lloyds Money Expert: “Parents are often a huge source of reassurance – emotionally, practically and sometimes financially. But getting on the ladder can be complex, and it’s important to seek professional advice from home-buying experts too. 

“We encourage first-time buyers to combine family wisdom with expert guidance. Our online tools, mortgage advisers and products, such as low-deposit and ‘Lend a Hand’ mortgages, are all designed to help people make informed decisions with confidence.” 

Ola’s top tips for first-time buyers: 

Learn the steps 
Get familiar with the homebuying process. From an Agreement in Principle to mortgage approval and completion. Free guides, including Lloyds’ expert‑led online sessions, can help make things clearer.  

 Get advice  
Speak to a mortgage professional early. They can help explain what you can afford, typical costs and what to expect along the way. Lloyds offers video appointments at times that suit you.  

Explore your options 
It’s important to know what support is available. From government schemes like First Homes to products such as Lloyds’ Lend a Hand mortgage or 5% deposit options, there is help is available to make moving more affordable and achievable. 

Lloyds Lend a Hand mortgage 

Lloyds currently offer a Lend a Hand Mortgage, which is for first-time buyers (borrowers). Key features include:  

No deposit needed: A family member deposits 10% of your home’s purchase price. They place it in a 3-year fixed-term savings account for security. 

Fixed 3-year mortgage rate: Enjoy peace of mind with fixed monthly payments for 3 years. Making it easier to plan and manage your finances. 

Savings returned with interest: When the 3-year term ends, your family member will get their savings back, with interest. That’s as long as you don’t miss any mortgage payments. 

You own the home: Only you have your name on the mortgage and have legal rights over the property. 

You or your family member must have a Club Lloyds account before applying for a Lend a Hand mortgage.  

Exclusions and conditions may apply. To find out more about the mortgage, please visit: https://www.lloydsbank.com/mortgages/first-time-buyers/lend-a-hand.html  

Lloyds low deposit mortgage 

Lloyds currently offer 95% mortgages to first-time buyers and homemovers. Key features include: 

Low deposit needed: You only need to put down a minimum of 5% of the total property value as a deposit. 

Fixed interest rate options: For the first 2 to 5 years of your mortgage. 

Faster route to home ownership: A 95% mortgage helps first-time buyers purchase a property sooner by reducing the need for a larger deposit.