Bank of gran and grandad
LOANS: New research from Santander Mortgages highlights the increasing dependence on the “Bank of Gran and Grandad”, as almost one in 10 first-time buyers now relies on grandparents for their deposit. This is a four-fold increase on five years ago. Over the past five years there has been a shift towards turning to family for help. Of those currently looking to buy, 32 per cent will use a family loan to help with the deposit. The bank’s study shows that the average firsttime buyer deposit is 32 per cent of their salary. However, one in five expects to pay more than half of their annual income on a deposit.