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
Catch up on our other blog posts:
Seven million people are keeping quiet about mental health issues, while nearly four million are hiding a physical health problem from their families, according to a study1. Keeping loved ones in the dark about health issues can create problems both now and in the...
The temporary raising of the nil-rate Stamp Duty band threshold to £500,000 ended on 30 June. The measure was introduced in July 2020 to maintain confidence in the housing market during the pandemic. Don’t despair if you missed the deadline, as there's now a tapered...
House prices continue to rocket, with the Nationwide House Price Index1 revealing annual house price growth of 13.4% in June, the highest level since November 2004. The extended Stamp Duty holiday, in addition to the new mortgage guarantee scheme and changing...
(Your home may be repossessed if you do not keep up repayments on your mortgage)
We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)
For Lifetime Mortgages/Equity Release the fee will be £799.
Our mission is to provide honest mortgage advice, whilst helping you save money.
Get in contact
Or call —02380224925