Introduction

Multi-generational living is a term used to describe families or groups of people from different generations living together in the same household. In recent years, there has been a noticeable trend towards multi-generational living in the UK, with more and more families opting to live together under one roof. This trend is being driven by a variety of factors, including high housing costs and changing family structures.

The Rise of Multi-Generational Living in the UK

According to a report by the Resolution Foundation, the number of multi-generational households in the UK increased by 38% between 2009 and 2019. This trend is expected to continue in the coming years, as more families look for ways to share the cost of housing and provide support to their loved ones.

There are several factors driving the trend towards multi-generational living in the UK. One of the main drivers is the high cost of housing, particularly in urban areas. Many families are finding it difficult to afford homes on their own and are turning to multi-generational living as a way to share the cost of housing.

Changing family structures are also contributing to the rise of multi-generational living. For example, there has been an increase in the number of young adults living at home with their parents, as well as an increase in the number of elderly people living with their adult children. These changing family structures are creating a need for new types of housing arrangements that can accommodate multiple generations.

There are many different types of multi-generational living arrangements in the UK. Some families choose to live together in a single household, while others may live in separate units on the same property. Some families may also choose to live in a communal setting with other families.

Benefits and Challenges of Multi-Generational Living

There are many benefits to multi-generational living. One of the biggest benefits is increased buying power. When multiple people pool their resources, they can afford a more expensive property than they would be able to on their own. This means that families can purchase a larger home or a property in a more desirable location.

Multi-generational living can also provide a way for families to care for each other. For example, adult children may want to buy a home with their elderly parents so that they can provide them with care and companionship. Alternatively, a group of friends may want to pool their resources to buy a property and live together.

Another advantage of multi-generational living is the ability to share living expenses. When multiple people are living in the same property, they can split the cost of utilities, maintenance, and other living expenses. This can make homeownership more affordable and reduce financial stress.

However, multi-generational living can also have its challenges. Family members may have different expectations about living arrangements and household responsibilities, which can lead to conflict. It’s important for families to have open communication and clear expectations about how they will live together.

New Mortgage Products for Multi-Generational Living

To meet the growing demand for flexible housing options, lenders are introducing new mortgage products designed for multi-generational living. One example is the multi-generation mortgage recently launched by Market Harborough Building Society (MHBS). This mortgage product allows up to four applicants to be accepted on the mortgage, regardless of whether they are related. The lender will also consider complex properties and those that are well-suited to multi-generational living.

Multi-generation mortgages can help families achieve their homeownership goals and provide a way to share the cost of housing. They can also provide a way for families to care for each other and build closer relationships. However, multi-generation mortgages can be complex to arrange, and it’s important to work with a mortgage broker who has experience with this type of product.