56% of first-time buyers aged under 35 are receiving financial support from the Bank of Mum and Dad, according to new research from Legal & General. Nearly three-quarters (71%) of these new homeowners said they would not have been likely to buy without financial help from family or friends. Instead, they would have to delay their housing plans by four years on average. The research follows earlier findings from Legal & General, which showed that the Bank of Mum and Dad is stepping in to support loved ones as the economic impact of Covid-19 takes hold. A third (33%) of all people looking to buy in the next five years plan on getting financial help from family or friends. If you need assistance with you mortgage please contact your local office.
For further information: https://www.financialreporter.co.uk/mortgages/bank-of-mum-and-dad-funding-56-of-first-time-buyer-purchases.html
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https://www.themortgagebureau.co.uk/first-time-buyer/bank-of-mum-dad/
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