{"id":5523,"date":"2025-01-14T15:48:44","date_gmt":"2025-01-14T15:48:44","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=5523"},"modified":"2025-01-14T15:49:49","modified_gmt":"2025-01-14T15:49:49","slug":"bomad-fork-out-30bn","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2025\/01\/14\/bomad-fork-out-30bn\/","title":{"rendered":"BoMaD fork out \u00a330bn"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>The Bank of Mum and Dad (BoMaD) are expected to give nearly \u00a330bn to help their children buy homes over the next three years<\/strong><strong><sup>1<\/sup><\/strong><strong>. In 2023 alone, \u00a39.4bn was given to FTBs.<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Property transactions dropped by 20% in 2023, but those who did buy needed more help due to higher mortgage rates. About 57% of FTBs with mortgages received family support, the highest since 2012.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>While fewer people are likely to need help as mortgage rates fall, the amount given or lent to children has nearly doubled since 2019. The percentage of FTBs getting help is expected to drop slightly, from 57% in 2023 to 54% in 2024. However, the total amount given by families will remain around \u00a39.3bn per year.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>A foot on the ladder<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Frances McDonald, Director of Residential Research at Savills said, \u201c<em>Record rental growth and increased mortgage rates (particularly for high LTV products) have acted as a further blow to first-time buyers&#8217; home-owning aspirations. As a result, a greater proportion have needed support to get onto the housing ladder, and those who were able to, took advantage of family support to try and secure a deal at a lower mortgage rate.\u201d<\/em>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>Savills, 2024&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.<\/em><\/strong>&nbsp;<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The Bank of Mum and Dad (BoMaD) are expected to give nearly \u00a330bn to help their children buy homes over the next three years1. In 2023 alone, \u00a39.4bn was given to FTBs.&nbsp; Property transactions dropped by 20% in 2023, but those who did buy needed more help due to higher mortgage rates. About 57% of [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5516,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,76],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/5523"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=5523"}],"version-history":[{"count":5,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/5523\/revisions"}],"predecessor-version":[{"id":5528,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/5523\/revisions\/5528"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/5516"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=5523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=5523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=5523"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=5523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}