The Sunday Times - Now our only hope of a home is the Bank of Gran and Grandad
Grandparents have become the next port of call for first-time buyers struggling to raise a deposit and get on the property ladder.
Research from Lloyds Banking Group highlights 32 per cent of the 2,000 grandparents questioned said they had given cash to the youngest generation since March. Six per cent said they had helped out with rent or mortgage payments, while 8 per cent had provided childcare.
Aaron Strutt of Trinity Financial told The Sunday Times: “Some parents are reluctant to hand over large cash sums because they don’t know if they will need that money or if they will get it back anytime soon.
“Previously grandparents may have turned to equity release deals to gift to their grandkids, but there’s been a slowdown in these mortgages, which hasn’t helped the situation in regards to handing over money. Whether it’s parents or grandparents, everybody wants a financial cushion at the moment.”
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
As seen in
