The Bank of Mum and Dad
As parents help their children onto the property ladder, experts warn them to be careful
There’s a new type of lender in town. The friendly face of banking provides generous loans, interest-free in many cases, indefinite repayment terms and lots of flexibility.
Enter the parents: the new alternative lenders.
Recent British figures suggest that the so-called Bank of Mum and Dad is lending billions of pounds a year, enough to put it in the top ten mortgage lenders in Britain.
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