Legal & General report that 56% of recent buyers under the age of 35 have received a financial gift to help them step onto the housing ladder.

Research found the bank of Mum and Dad (BoMaD) was lending £19,000 on average to first-time buyers under the age of 35, with 21% saying they received more than £30,000.

It also found three in 10 first-time buyers expect to pay back at least some contributions from BoMaD.

71% of all ages said they would have been unlikely to buy without financial support from family or friends and would have had to delay their plans by an average of four years.

L&G had analysed responses from 1,985 recent or prospective homebuyers and 522 grandparents or parents given in early August.

Mortgage advice

Whether you’ve had the help of Mum and Dad or not, it’s important to get the most suitable deal for your circumstances. Being an independent mortgage advisor, we can help you. We always offer a free initial discussion, so please get in touch.

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments

Clifford Osborne are Independent Financial Advisors (IFA) based in Eastbourne, East Sussex, offering mortgage adviceearly retirement advicepension advice and more. Our clients often come from Uckfield, Lewes, Brighton, Tunbridge Wells, Hastings, Bexhill, Newhaven, Seaford, Crowborough and further afield. Read more mortgage news and other financial advice in our blog.

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