Grandparents have used money tied up in their homes to gift almost £1 million a day to younger family members for house deposits during the stamp duty holiday. Since the tax break started on July 8th last year, 'the bank of Gran and Grandad' has given away £323.9 million using equity release.
An equity release mortgage for the over-55s has no monthly repayments and is paid off by the sale of your house when you die or move into care. According to broker Key, the average size of the deposit gifted is more than £50,000.