‘Bank of Mum and Dad’ expected to hand out £6.3bn this year

The ‘Bank of Mum and Dad’ is predicted to hand out £6.3bn worth of loans this year as parents help their children get on the property ladder, according to new research. Parents are also becoming more generous lenders, handing out £24,100 on average which will give younger generations a leg up onto the housing ladder, according to Legal & General and the Centre for Economics and Business Research (CEBR). The study found that parents are expected to be involved in more than a quarter of a million (259,400) property purchases this year, making the bank of mum and dad equivalent to the UK's 11th biggest mortgage lender.

The Independent (16/06/2019)   The Daily Telegraph (16/06/2019)