Bank of Mum and Dad ‘tenth biggest mortgage lender’

The so-called “Bank of Mum and Dad” would rank as the UK’s tenth biggest mortgage lender based on the estimated £6.3bn of financial assistance that parents provided to fund their children’s property purchases last year.

Research by Legal & General estimates that parents are lending or gifting an average of £24,100 to help their offspring on to the property ladder — a £6,000 increase on a year previously.

Clydesdale, the UK’s official tenth largest mortgage lender, lent £5bn last year according to data from UK Finance.

L&G warned that parents who were too generous risked hurting their standard of living in retirement.


READ  Aquaculture centre gets £10 million funding for next five years of innovation

Leave a Reply