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