9% 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, 17% turning to grandparents and 9% asking friends for help. “However, it is clear that despite improved conditions for this part of the housing market, second steppers will still rely on the ‘Bank of Mum and Dad’, with hard-pressed parents being once again called on for financial help.” "Without this extra financial support, second steppers believe that they wouldn’t be able to make the next move on the property ladder for some time," said Andy Mason , mortgage director at Lloyds Bank .
9% 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, 17% turning to grandparents and 9% asking friends for help. "Without this extra financial support, second steppers believe that they wouldn’t be able to make the next move on the property ladder for some time," said Andy Mason , mortgage director at Lloyds Bank .