Simmonds Mortgages

Mortgage Brokers covering Berkshire and beyond

Call: 01344 225 149 or 07979 690 056

Bank of Mum and Dad - 11th Largest Lender

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Bank Of Mum And Dad - 11st Largest Lender!

The Bank of Mum and Dad (BoMaD) is continuing to play a vital role in the UK housing market, with young and even middle-aged adults recieving financial support from their parents for their first and subsequent home purchases. BoMaD is now the 11st largest mortgage lender in the UK, looking set to lend £6.3 billion this year, up from £5.7 billion in 2018, supporting nearly 20% of transactions in the UK mortgage market.

The average contribution from BoMaD this year was £24,100, an increase from last year's figure of £18,000. This increase of £6,000 is double the average UK house pirce increase of £3,000 in the year to March and suggests a desire by homebuyers to purchase larger properties. Research shows that the most commonly purchased properties are now three-bedroom house or flats (44%) and well over a third of those lending (38%) have helped family or friends to buy a two-bedroom property. About 15% were even helping lovewd ones to purchase properties with four or more bedrooms. 

Generosity set to continue

This type of funding looks set to continue with more than a third (35%) of prospective buyers who are planning to puchase a home in the next five years, expecting to rely on financial support from their family.

 

We can help you!

 

If you would like more information or help with your mortgage please call us on 01344 225 149 or 07979 690 056. Alternatively please send us an email at info@simmondsmortgage.co.uk

 

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

 

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Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.

What our Customers Say...

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

Simmonds Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.

Registered Office: Simmonds Mortgage Services Ltd, Lexham House, Forest Road, Binfield, Berkshire, RG42 4HP. Registered Company Number: 1152 8784 Registered in England & Wales.

There may be a fee for arranging a Mortgage and the precise amount will depend on your circumstances. This will typically be £399.00 paid once the mortgage offer has been confirmed.

There may be a fee for arranging an Equity Release or Lifetime Mortgage and the precise amount will depend on your circumstances. This will typically be £799.00 and is due on completion of the mortgage.

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