First-time house buyers 'funding their own deposits'

ALMOST two-thirds of first-time house buyers are using their own money to fund deposits to land their new homes, a survey has found.

The data will ease fears that many young people are relying on handouts from parents or using credit cards and personal loans to fund mortgage deposits.

The Irish Mortgage Corporation (IMC), which conducted the study of first-time buyers over the last 14 months, said just over one in four buyers received some financial assistance, but 65% of those surveyed provided their own deposit.