In the past decade, it has become increasingly common for homebuyers, particularly First Time Buyers, to receive financial contributions from parents or other family members towards the deposit for their first home. This trend, often referred to as the “Bank of Mum and Dad,” highlights the intergenerational support many young people rely on to enter the property market.
Whether the younger generation is struggling to get on the property ladder, maintain their business during challenging times, or simply meet day-to-day living expenses, the older generation is naturally keen to help. This support can make a significant difference, especially in today’s economic climate.
Many over-55s have benefitted from decades of significant house price inflation. While they may not have tens of thousands of pounds in a savings account, equity release and other later-life lending products offer them the option to assist their loved ones financially. These products allow homeowners to access the equity tied up in their properties, providing a valuable source of funds to help the next generation achieve their dreams of homeownership.
Equity release can be a practical solution for those who wish to support their family without compromising their financial security. As members of the Equity Release Council, our advisors ensure that all guarantees and protections are met, offering peace of mind for those considering this option.
If you’re considering how to support your family with their homebuying journey, exploring later-life lending options could be the key to making it possible. Our friendly and professional advisors are here to answer any questions and provide the information you need to make an informed decision. Together, we can help your family achieve their property dreams while securing your financial future.
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