There has been a surge in enquiries from borrowers aged 55 and over looking for mortgage options to help children and grandchildren onto the property ladder, according to new research.<\/p>\n
Nearly half, some 47% of first time buyers are partially funded by grandparents or parents.<\/p>\n
While parents and grandparents continue to use both savings and pension funds to give the younger generation a step onto the housing ladder, they are increasingly also looking at their own property assets to meet this need.<\/p>\n
According to the study of 150 mortgage advisers, some 19% have had enquiries from older customers about selling buy to lets and holiday homes, while 32% have been asked about acting as guarantors to help their children or grandchildren onto the property ladder.<\/p>\n
That is on top of 28% who are investigating the option of remortgaging and 21% taking out new mortgages as the pressure builds on over 55s to share property wealth with the younger generations.<\/p>\n
Mortgage brokers estimated that 47% of first time buyers are partially helped with their deposit by grandparents or parents, with only a third managing to go it alone without any financial support.<\/p>\n
This means that brokers are confident in the market with 60% of brokers expect a rise in first time buyer enquiries this year, indicating the record levels of business recorded by UK Finance are set to grow.<\/p>\n
But it is not just first time buyers who are relying on the older generation. Advisers estimate 24% of those moving to their next home are being helped in part with their finances by parents or grandparents.<\/p>\n
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There has been a surge in enquiries from borrowers aged 55 and over looking for mortgage options to help children and grandchildren onto the property ladder, according to new research. Nearly half, some 47% of first time buyers are partially funded by grandparents or parents. While parents and grandparents continue to use both savings and […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-3651","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9PjAq-WT","_links":{"self":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/3651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/comments?post=3651"}],"version-history":[{"count":0,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/3651\/revisions"}],"wp:attachment":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/media?parent=3651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/categories?post=3651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/tags?post=3651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}