Daily Archives: March 11, 2017

1 in 10 first-time buyers rely on Bank of Gran and Grandad to help fund deposit

One in 10 first-time buyers are relying on cash from grandparents in order to get on to the property ladder.

The number of people buying their first home who turn to their grandparents for help with a deposit has soared four-fold during the past five years, according to mortgage lender Santander.

The move is part of a growing trend for first-time buyers to turn to their family for financial support, with 32% saying they will ask their family for a loan towards their deposit, something just 13% of existing homeowners did.

via 1 in 10 first-time buyers rely on Bank of Gran and Grandad to help fund deposit – Zoopla