One Of U.K.’S Biggest Mortgage Lenders? The Bank Of Mum And Dad [Forbes]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Forbes
One Of U.K.’S Biggest Mortgage Lenders? The Bank Of Mum And Dad British parents spend so much money to allow their children to buy a home that they can figure among the U.K.’s top 10 mortgage lenders, a new survey has revealed. Last year, parents gave their children an eye watering £5.7 billion, making them virtually the 10 In comparison, Clydesdale Bank, the 10 Research from financial services firm Legal & General (L&G) also shows that the average parental contribution for home buyers in 2019 is £24,100–34% up from the £18,000 recorded last year. In some areas the figure is higher, reaching £31,000 on average in London. L&G estimated that parents’ lending will reach £6.3 billion this year, supporting more than a quarter of a million (259,400) buyers–one in five of every property bought this year. In total, parents’ money will help people buying around £70 billion worth of property. L&G’s research was based on a poll of 1,600 parents. More than half of the respondents said they use c
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