While the Bank of Mum and Dad is now firmly established as one of the country’s leading mortgage lenders, there are growing concerns this generosity is putting parents’ future finances in peril.
GETTING YOUR FINANCES MORTGAGE-READY
Buying a home is like many things in life; it requires signifi cant preparation and planning. If you’re looking to buy a property soon, it’s probably time to initiate some tactical financial changes to boost your chances of securing a loan and ultimately help realise your home-owning dreams.
UNCOVERING THE MYTH – COMMON-LAW MARRIAGE
The number of cohabiting couples in the UK is on the rise, with an estimated 3.3 million couples living together who are not married or in a civil partnership. It’s a common misconception that if you live with your partner for a couple of years, you are afforded the same legal and financial rights as couples living together who are married or in a civil partnership.
IN PURSUIT OF YOUR FOREVER HOME? YOU’RE NOT ALONE
Recent research has revealed that over half of people (53%)2 in the UK are unhappy with where they live at present and are intending to make the move to find their ‘forever home’.
RELIANCE ON THE BANK OF MUM AND DAD INTENSIFIES
The Bank of Mum and Dad (BoMaD) is now the 11th largest mortgage lender in the UK, looking set to lend 6.3bn this year, up from £5.7bn in 2018. It is also playing a more complex role in the UK housing market than previously thought, helping more than just young first-time buyers.
STAY SAFE DURING BREXIT
It’s worth reminding yourself of the Financial Conduct Authority’s (FCA) advice regarding staying safe from scams taking advantage of Brexit.
MOVE OR IMPROVE?
In contrast to the booming housing market of the 1980s when people moved home on average every eight years, the time a homeowner in the UK now stays in their property averages 21 years.