No Let Up For The Bank Of Mum And Dad
First-time buyers both young and old continue to rely on The Bank of Mum and Dad (BoMaD) to get onto the property ladder. This year, Britain's 11th biggest mortgage lender is digging deeper than ever as families shell out an average of £24,100 - a £6,000 increase on 2018. Those aged 35 and under continued to rely on their parents the most, with 62 per cent needing financial support,
Bank of mum and dad lenders in London are contributing the most to help family or friends onto the ladder at an average loan size of £31,000.
Despite this hefty increase, BoMaD will actually contribute to 20% fewer transactions this year, perhaps because it is assisting with the purchase of lager properties - most three-bedroomed houses or flats (44%).
An Increasing Complex Role
And it's not just younger buyers needing assistance to become homeowners. BoMaD's role is in fact becoming increasingly complex, with 22% of 45-54s and 7% over -55s having recieved assistance.
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