Bank of Mum and Dad equal to the 9th biggest mortgage lender in the UK

Bank of Mum and Dad equal to 9th biggest mortgage lender image

Journalist Isabelle Fraser of the Telegraph in the UK writes of the impact of the bank of mum and dad reporting it to be equivalent to the 9th biggest mortgage lender in the country.

Fraser further states parents in Britain now fund more than a quarter of purchases in the housing market, as their children and the younger geneations struggle to get on the ladder.

Statistics from Legal & General highlight that last year 26% of deposits were paid for with the help of a family member- with parents provididng deposits for an estimated 298,000 mortgages.

Click the link below to read the full article.

Credit: Isabelle Fraser

Source: telegraph.co.uk

 

 

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