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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
Tim K. Dean, Credi Founder | Commentator & Expert on Family Lending, Bank of Mum & Dad and Neo-Credit Scores is available for media interviews and appearances. More…
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Sign up and become one of the thousands of people and business around the world using Credi to protect them selves with robust loan documentation and management today.
Sign up and become one of the thousands of people and business around the world using Credi to protect them selves with robust loan documentation and management today.