MORE than a third of Millennials say they cannot afford a house deposit, according to new research from Lloyds Bank.
The poll of 2,010 young people found buying a house is their top priority, but many of them are struggling to even afford a down-payment.
Millennials in Yorkshire believe they will need a £31,575 deposit to get the keys to their first home, but parents in the region think it will only cost their children £19,534.
This is six times larger than they needed for their first property.
The research comes as Lloyds Bank launches its new Lend a Hand mortgage, which removes the need for first-time buyers to save for a deposit and instead uses the savings of a family member, who can contribute up to 10 per cent of the loan.
The three-year fixed mortgage has a rate of 2.99 per cent and offers parents a fixed rate of 2.5 per cent interest on savings for three years.
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