Over the past ten years, the Bank of Mum and Dad has become a regular lender for young people around the UK.* For first time house buyers, it has become common to receive a loan from parents to establish a foot on the property ladder, with research this year showing nearly one in four home purchases are backed by “the Bank of Mum and Dad”.
Not only that, but attitudes towards inheritances have changed as a result of the pandemic, with many reconsidering the flexibility of their assets, and the impact they can have on their children’s lives whilst they are still around to see it.
Many have altered their inheritance plans, gifting money earlier than intended, or have taken out their pension earlier than anticipated to help provide a safety blanket for their offspring.
However, as the pandemic continues it seems that the Bank of Mum and Dad, or grandparents, is not only in demand for house purchases. Up to 68% of over 55’s have drawn on their savings throughout the pandemic, spending less on themselves as pressures on family’s financial circumstances continue. *
Not only that, but attitudes towards inheritances have changed as a result of the pandemic, with many reconsidering the flexibility of their assets, and the impact they can have on their children’s lives whilst they are still around to see it.
Many have altered their inheritance plans, gifting money earlier than intended, or have taken out their pension earlier than anticipated to help provide a safety blanket for their offspring.
It is natural for parents to want to support their children through these challenging times, and with job losses, furlough schemes and various debts built up, there is no doubt that this pandemic has brought some of the most challenging financial times for many. However, it is vital that these loaners seek the best advice on the best way forward, basing decisions on individual needs in a bid to avoid self-sabotaging their own financial future.
Source:
**https://www.financialreporter.co.uk/mortgages/bank-of-mum-and-dad-funding-56-of-first-time-buyer-purchases.html
*https://www.reallymoving.com/first-time-buyers/guides/bank-of-mum-and-dad
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