Bank of gran and grandad

Yorkshire Post - Property - - PROPERTY NEWS -

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.

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