According to research carried out by Halifax around 38% of parents surveyed said they were unaware of any of the mortgage products available, specifically aimed at helping their children take their first step into homeownership.

Many first-time buyers have secured properties with the help of their parents, and nearly a third (32%) of parents questioned said that they are both willing and able to financially support their children’s purchase.

Despite this, Halifax reported that one in five (21%) of parent’s were not aware of the first-time buyer products available on the market.

Stephen Noakes, Halifax’s commercial director of mortgages, said: “The bank of mum and dad is an important crutch for many first-time buyers, yet our research demonstrates that parents aren’t as savvy as they could be when it comes to deciding how best to help.”

He added: “Whilst its important that first-time buyers understand everything that is involved in buying a home, for many parents getting a better understanding of the state of the market and the range of products available may make a difference to homebuyers and parents alike.”

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The survey also showed that 79% of parents believe that it is more difficult for their children to buy their first home than it was when they themselves got on the housing ladder.

A further 18% of parents view the current economic environment as an opportunity to take advantage of lower rates and prices.

Just 8% of those whose children have not stepped onto the property ladder are concerned about slow house price growth, so would not currently invest in their child’s first home.