Simmonds Mortgages

Mortgage Brokers covering Berkshire and beyond

Call: 01344 225 149 or 07979 690 056

No Let Up For The Bank of Mum And Dad

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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.

 

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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