10 Jun

Second steppers turn to bank of mum and dad for property purchase

Second steppers turn to bank of mum and dad for property purchase

The bank of mum and dad is looking like a popular choice for 16 per cent of second steppers in Scotland, according to new property research.

The Bank of Scotland has looked into how people will afford to buy their second home, with one-in-six turning to their parents to plug the gap between the value of their first house and taking the next step on the ladder.

Almost two-thirds said that they would use savings, with 73 per cent hoping to use the equity in their current property.

One-in-eight added that they would turn to their family, including grandparents, to help them make the next move.

Laurence Mann, head of mortgages at the Bank of Scotland, said: "We already know that Scotland's second steppers face a number of tough challenges, and in many ways have been the hardest hit by the subdued housing market, so it is unsurprising that they are struggling to fund the gap needed to trade up to their preferred second home."ADNFCR-1222-ID-801596646-ADNFCR

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