Bank of Mum & Dad plays an important part for FTB’s

Majority of the Building Societies are expecting Mum & Dad to help their children to get on the property ladder over the next 5 to 10 years and lenders do need to offer more flexible mortgages.

It’s not always about parents or grandparents providing cash as a gifted deposit. Some lenders can and do facilitate support such as providing guarantees or using their property or savings as security. It is evident that young people have difficulties to get on the property ladder and in my view, it would be good to see more lenders offering that sort of support.

‘Our young people face huge challenges in buying their first homes. Families instinctively want to help, and it’s the job of lenders, regulators and Government to ensure that they have more opportunities to do so in a sustainable way,’ said report co-author Bob Pannell.

You can read the full article published in Property Wire  

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