Bank of Mum and Dad leaves borrowers feeling guilty

Jessica Nangle

October 4, 2017

Two thirds (66%) of potential first-time buyers feel guilty about receiving help from family to complete their purchase.

The first-time buyers report by Yorkshire Building Society, which Accord Mortgages is a part of, shows 66% aged 18-40 would feel remorseful about leaning on financial support from the Bank of Mum and Dad.

Relying on family members is becoming the norm according to the report, with 59% of prospective homeowners expecting to receive financial support to buy a property, and a third (31%) expecting to receive financial help with their deposit.

The true scale of Bank of Mum and Dad revealed

David Robinson, national intermediary sales manager at Accord, said: “In what is a tough environment for young aspiring homeowners, the Bank of Mum and Dad continues to support young peoples’ dream of buying their first home.

“Many first-time buyers turn to a broker for advice and our survey results may help to remind them of the financial and moral dilemmas first-time buyers face when they help a client take their first steps on the property ladder.”

The survey was conducted by the National Centre for Social Research to examine the attitudes and concerns first-time buyers have towards buying their own home.

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