Bank of Mum and Dad starts lending to ‘second steppers’

For some time now, we’ve noticed that the so-called ‘Bank of Mum and Dad’ has had a significant role to play in getting thousands of first time buyers onto the housing ladder.

Now we see a new report out that shows increasing numbers of second steppers – those looking to move further up the ladder – are also turning to the same source.

New research from Lloyds Bank’s shows that a third of second steppers require an average of £25,450 in financial support from friends and family.

Full report here.