03 May 2016
The so-called 'Bank of Mum & Dad' is now one of the UK's biggest lenders, according to a new study.
A new report into the role parents play in helping their children get on, or move up the property ladder reveals that the Bank of Mum & Dad will lend over £5billion in 2016, providing deposits for over 300,000 mortgages and purchasing homes worth £77billion in 2016.
The lending is the equivalent of a top 10 mortgage provider in the UK and will be involved in 25% of all property transactions that take place this year.
Legal & General, which carried out the research, said younger people today don’t have the advantages the baby-boomers had, including cheap housing that delivered windfall gains.
The study found:
Aberdein Considine has one of Scotland's largest networks of independent financial advisers based at 17 locations throughout Scotland.
If you would like to speak to one of our advisers, call 0333 0044 333 or click here.