Helping you get on the property ladder without the Bank of Mum and Dad

It appears that the “Bank of Mum and Dad” is becoming an increasingly popular avenue among first time buyers for property funding. Research suggests that the Bank of Mum and Dad will lend over £6.5 billion in 2017 to help their children get on the property ladder, a £1.5 billion increase from last year. As a result, the Bank of Mum and Dad is now the 9th largest mortgage lender in the UK!

So, where has this all stemmed from? A key factor affecting this trend is intergenerational inequality, with young adults subject to limited opportunities in comparison to the baby boomers with regards to affordable housing and defined benefit pensions. Research shows on average, parents will lend around £21,600 this year with Millennials being the biggest recipients with 79% of the funding going to people under 30.

However, statistics suggest that in fact, lending from parents is doing more harm than good, nor is it sustainable or equitable for both parents and the young people. It’s understandable that parents want to help get their children on the property ladder, but it’s also one of the causes of our broken housing market.

At Walker Laird, we offer the opportunity for first time buyers to meet with us and chat through the whole process of home buying, including arranging your mortgage. We can put you in touch with a mortgage advisor who will be able to search the market for the mortgage that best suits your needs. To make things easier, the mortgage advisor will offer to meet you in your own home in the evening if you prefer. It doesn’t end there, we will help you negotiate prices with the estate agents, help you submit your offer and help you seal the deal.

We understand that purchasing your first home is costly enough. This is why our initial advice is free of charge and you’ll only pay a fee if your offer is accepted as we start to deal with the conveyancing process.

Sound good?

Further Information

Please get in touch for more information Paisley: 0141 887 5271 and Renfrew: 0141 886 5678.