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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MORTGAGE LENDING CONTINUES TO SOAR

MORTGAGE LENDING CONTINUES TO SOAR

Mortgage lending has soared to record levels, according to latest data from the Bank of England1, which reveals that gross advances in Q1 totalled £83.3bn, which represents a 26.5% increase on the same quarter in 2020 and the highest level since Q4 2007. Impact of the...

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(Your home may be repossessed if you do not keep up repayments on your mortgage)

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