New research shows that eight in ten (79%) middle class parents are helping support their adult children financially, one in four of whom are helping with mortgage payments specifically, according to the fourth Saltus Wealth Index Report which will be released in full on Wednesday.
The average rate for a two-year fixed deal has recently surpassed 6% which pushed the average repayment on a 25 year £200k mortgage up £383.50 in just two years. Over a two-year period, that amounts to an extra cost of £9,204; many households are struggling to cover that extra cost and are increasingly turning to ‘The Bank of Mum and Dad’ for help.
The Saltus report surveyed more than 2,000 people in the UK with assets, including property, of £250,000 or more, and found that eight in ten (79%) are financially supporting their adult children in some way, of those, nearly one in four (23%) are supporting with mortgage payments specifically, while a further 20% are helping with rent.
