With the pandemic continuing to impact people financially, it seems the Bank of Granny and Grandad are lending a hand.
After all, it’s only natural to want to help your loved ones.
With the pandemic continuing to impact people financially, it seems the Bank of Granny and Grandad are lending a hand. After all, it’s only natural to want to help your loved ones.
It has been reported that nearly half (48%) of grandparents have stepped in to shore up their financially struggling grandchildren during the pandemic. This help has come in the form of cash (32%), childcare (8%) and assistance with rent and mortgage payments (6%).
In addition, 23% of house purchases will be backed by the Bank of Mum and Dad (BoMaD) this year, an average of £20,000 per purchase is gifted. Just under a quarter (24%) of buyers report they’re now more reliant on support from family and friends following the pandemic.
Your home may be repossessed if you do not keep up repayments on your mortgage
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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)
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