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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(Your home may be repossessed if you do not keep up repayments on your mortgage)
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For Lifetime Mortgages/Equity Release the fee will be £799.
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