Scottish Second Steppers are More Financially Independent

Homeowners in Scotland are apparently less reliant on their parents for financial assistance in moving up to the second rung of the property ladder than in the rest of the UK, new research has revealed. 

According to the study by Bank of Scotland, those Second Steppers who are lucky enough to get a financial boost from the Bank of Mum and Dad receive £12,059 on average, compared to £25,450 in the rest of the UK.

Comparison with the Rest of the UK

More Scots believe that they will finance their next move with savings (50%) as opposed to help from others (19%).

This is in stark contrast to the rest of the UK where a third (33%) believe they will finance their move with support from friends and family and only 39% believe it will be from savings.

In the rest of the UK, the average amount that Second Steppers expect to borrow has also increased by over £4,000 (£4,219) compared to last year, despite 57% having already received financial support for their first property worth an average of £19,824.

In addition, according to Lloyds Bank, nearly three-fifths (58%) say they wouldn’t be able to make their next move up the home-owning ladder without generous family and friends coming to the rescue.

As well as using equity from their current property (62%) and personal savings (39%), over one in five (22%) second steppers will mainly look to borrow from the Bank of Mum and Dad to raise the deposit required to fund their next move. Grandparents will also be asked to support (13%) and even friends (6%).

In Scotland, those having to rely on financial support from family and friends mostly look to their parents, with 14% borrowing from the Bank of Mum and Dad. If the Bank of Mum and Dad isn’t available for withdrawals, just 3% of Scots look to Grandparents or friends for support.

Financial Support Still Vital

“Support from generous family and friends remains vital in helping Second Steppers in taking the next step on the property ladder, despite more Second Steppers now feeling optimistic about the housing market,” said Andrew Mason, mortgage products director at Lloyds Bank.

“We continue to see parents make big sacrifices as their children return for help with housing for a second time,” he added. “However, to ease the burden on parents, we are seeing more Second Steppers plan ahead for their next big move by saving and paying more to their mortgage.”

Lack of Suitable Property

It’s not only financial obstacles that can make it difficult for Second Steppers to move to their next home; finding the right home to move to can also be a barrier. Around 41% reported not having found the right property yet and 26% said that there is a lack of affordable property available.

These, and other factors, resulted in 58% Second Steppers wanting to make the move last year not being able to do so, which will have an impact on the number of properties available to first time buyers.

Contact Us

For expert legal advice on buying or selling property in Scotland then contact our specialist property and conveyancing lawyers today.


New Tax Relief for First-Time Buyers
First-Time Buyers Consider Joint Mortgages

Online Enquiry

Contact us using the form below

Invalid Input
Invalid Input
Please select a Legal Service
Invalid Input
Invalid Input
Invalid Input

Search properties for
sale and to rent