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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We can also help your home purchase get underway by helping you to find the most suitable mortgage
Your home may be repossessed if you do not keep up repayments on your mortgage
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.