Helping your Family
With house deposits in the UK now averaging in at £33,127, first-time buyers are more dependant than ever on the Bank of Mum and Dad (BoMaD), with more than a third (34%) receiving financial help from a gift or loan from parents. In 2019, this average contribution from families and friends has skyrocketed by more than £6,000 to £24,100.
Using a lifetime mortgage can release equity to help family members pull together a deposit. The money could also help with some of the initial costs, like furnishing their new home, solicitor fees and removal costs or any of the following:
Paying for a childs wedding.
Taking your family on a dream holiday.
Helping a child or grandchild with school or university fees.
Helping your child through the legal process of a divorce.