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

Catch up on our other blog posts:

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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South Coast Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 59 The Avenue, Southampton, Hampshire, SO17 1XS. Registered Company Number: 08414746 Registered in England & Wales.