At least 32% of homeowners looking to purchase their second home have to rely on assistance from family and friends, according to a Lloyds Bank Second Steppers report. It found second steppers had to find an average of £21,231 in financial support, with 17% having recourse to borrowing from parents, 9% turning to grandparents and 7% asking friends for help. Some 17% of second steppers intend to borrow from the ‘Bank of Mum and Dad’, with 9% planning to borrow from grandparents and 6% from friends. The report also revealed that the number of people who are unable to afford mortgage payments has risen by more than 50% since 2010.
At least 32% of homeowners looking to purchase their second home have to rely on assistance from family and friends, according to a Lloyds Bank Second Steppers report. It found second steppers had to find an average of £21,231 in financial support, with 17% having recourse to borrowing from parents, 9% turning to grandparents and 7% asking friends for help. The report also revealed that the number of people who are unable to afford mortgage payments has risen by more than 50% since 2010.