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Second steppers rely on the Bank of Mum and Dad

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Tue 10 Nov 2015

Second steppers rely on the Bank of Mum and Dad

 

The Bank of Mum and Dad is no longer being relied upon solely by first-time buyers – as second steppers are depending on their parents to make the first move up the housing ladder.

Half of second steppers admitted they wouldn't be able to move without help and 17% asked for more than £22,000 from family and/or friends.

First-time movers typically needed in excess of £125,000 to upgrade to a detached property, although they only required £17,370 to move to a semi-detached home.

 

Andrew Mason, Lloyds Bank mortgages director, said: "Parental support has been playing an important role in helping young people get on the property ladder for decades but this is being stretched further, with many second steppers continuing to be reliant on the Bank of Mum and Dad to help them make the next move."