The Bank of Mum & Dad – the UK’s 10th largest mortgage company!

With a continued squeeze on credit for people under the age of 30 with limited financial history, it’s little wonder that hundreds of thousands of Britons continue to turn to their parents for financial help. It’s known as the ‘bank of mum and dad’ and recent figures suggest that this informal financial institution is also one of Britain’s most popular means of raising money. It’s probably little wonder – most banks of mum and dad offer indefinite repayment schedules, ultra-low or non-existent interest rates and no prospect of your credit rating taking a hit if you fail to keep up with the repayments! How big is the bank of mum and dad? Research carried out by Legal and General has found that parents and friends helped out youngsters to the tune of £5 billion last year – which was the equivalent of the total annual lending of the 10th largest mortgage company in the UK. Many youngsters find it virtually impossible to buy a home without financial help from their famili
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