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.
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. "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.