The Bank of Mum and Dad (BoMaD) continues to lend a hand, forking out an average of £19,000 to help first-time buyers (aged under 35) onto the property ladder.
BoMaD continues to occupy a major role in the property market, with 56% of buyers under the age of 35 receiving financial support from this prolific lender, and £1.36bn going towards the purchase of 73,160 properties in 2020.
This assistance has been so crucial that 71% of these new homeowners say they would have been unable to buy without it.
Older kids receive help too
Not just reserved for younger age groups, over-35s were expected to receive £2.14bn from BoMaD towards their house purchase last year, accounting for 61% of total BoMaD lending.
Your home may be repossessed if you do not keep up repayments on your mortgage
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MAJOR BARRIER TO PROPERTY PURCHASE
Saving for a deposit has been cited as a major barrier to purchasing a home by 59% of people, according to the latest survey from the Building Societies Association (BSA)1. Climbing from 54% in December last year and just 40% last June, raising a deposit is...
DO YOU KNOW YOUR HOMES TRUE WORTH?
Do you think you know how much your home is really worth? Would you be surprised if it was worth much more or much less? Many homeowners’ estimates don’t live up to reality, with 45% of respondents to a recent survey1 undervaluing their property and 25%...
(Your home may be repossessed if you do not keep up repayments on your mortgage)
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