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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

 

 

Credi featured on Startup Daily

Startup daily credi feature

Credi, the fintech platform that ‘formalises loans among family and friends to reduce friction’ was featured in this month’s stories of  Startup Daily.

Startup Daily mentions the various lending fintech companies, then introduces Credi, the unique platform with a new approach to relationship lending. They further highlight Credi’s innovative idea of facilitating and managing the lending process, without ‘actually touching any loans or connecting borrowers to lenders’.

Startup Daily identifies at the start of a loan, between family and friends, it starts out with both parties having the best intentions. However, things can quickly turn sour as there is rarely clearly-stated terms or agreements. As a result, relationships become at risk and sometimes issues arise.

Tim Dean, CEO of Credi, perfectly states in the article, “We want to save relationships from the strain of financial dealings by turning informal agreements into credible, manageable and formal ones. We believe that by looking after reminders, calendaring and contracting on behalf of the lender and borrower we are removing the most fraught aspects of relationship loans.”

Credit: Gina Baldassare

Source: www.startupdaily.net

 

 

Second Steppers needing help from BOMAD

second steppers and BOMAD graphic

Findings from recent research shows that 32% of second steppers looking to make the big move to their second home seek financial support from their family and friends.

The estimated difference between a first time property purchase and a second time property purchase is £126,000.

Getting onto the property ladder is commonly seen as a difficult step to make, however, one in four second-steppers thinks moving up the property ladder is even more difficult.

Credit: Georgia Owen

Source: www.todaysconveyancer.co.uk/

 

 

Bank of Mum and Dad – RateCity on Nine News

Nine News reported live in 2015 about the impact of the Bank of mum and dad at the time. Rate City representative Sally Tindall spoke of the issue of getting a foothold in the current market and the extreme difference in incomes between generations and housing affordability at the time. Overall Nine News established that more young people are relying on the bank of mum and dad to get into the property market.

Credit: Nine News

Source: Nine News and Youtube