First-time buyers receiving financial help from grandparents
by Kay Murchie
Research by CreditExpert has established that 31% of British grandparents are providing financial assistance to their grandchildren in order to get them on to the property ladder. 11% of British grandparents have expressed concern that the child’s parents are unable to provide adequate financial support.
547 British grandparents over the age of 40 were surveyed and 26% of them had put money aside despite not having a regular income. Parents today are deemed to be unable to help their children financially as they are restricted by their own credit commitments.
A spokesperson for CreditExpert remarked that grandparents are filling the financial void of the credit generation. CreditExpert added that mortgages, loans and credit agreements are resulting in the bank of Mum and Dad being tied up.
Research by Scottish Widows, though, suggested that not all grandparents have money available to assist their grandchildren and approximately one fifth of retired homeowners were found to have an outstanding mortgage with an average debt of nearly £40,000.
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