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Lighthouse Platinum

Getting on to the housing ladder is a big step to make. It’s perhaps more akin to a leap than a step when trying to save the funds for a deposit! Mike Hodgetts from Lighthouse Platinum Wealth Management explains the context of the current housing market with tips on how to raise the funds for a new home.

The average age of a first-time buyer in the UK is 30 and the average first time buyer deposit is currently over £33,000[i].

Research from the Nottingham Building Society[ii] noted that 61% of first time buyers cut back on socialising, 8% postponed starting a family or getting married and 7% of people even sold their car to boost their savings for a deposit.

BOMAD (Bank of Mum and Dad) was involved in assisting over 298,000 people in housing transactions in 2017- with even higher numbers predicted for 2018[iii]

But it’s not just people trying to buy their first home that receive financial help when buying houses- this year iii27% of all buyers will receive help from friends or family.

These stats illustrate the ever increasing role that parents and grandparents alike can, and do, play in helping younger family members in their quest for home ownership.

Could Equity Release help?

Yes- and it already does. 44,000 housing transactions this year involved funds provided by Equity Release[iv] and with the vast majority of the UK’s housing wealth tied up in the homes of the over 55’s, now could be the time to look at how Equity Release could help you and your family.

Do you have questions about Equity Release? Call Michael Hodgetts on 01473 730999 or visit to find out more

Equity Release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks of an Equity Release scheme please ask for a personalised illustration. Equity Release may not be right for everyone. It may affect your entitlement to State benefits and will reduce the value of your estate. Check that this mortgage will meet your needs if you want to move or sell your home or want your family to inherit it.

You will need to take independent legal advice before entering an Equity Release arrangement. Lighthouse Platinum Wealth Management Ltd is an appointed representative of Lighthouse Advisory Services Limited which is authorised and regulated by the Financial Conduct Authority.



[iii]  Legal and General 2018 Bank of Mum and Dad report


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Lighthouse Platinum Wealth Management

4 Constable Court
The Street
Ipswich IP8 3LY
Tel. 01473 730999

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