Published on 2 May 2017
The
burden on parents to help fúnd their children's property purchases has
increased dramatically this year, effectively making the Bank of Mum and
Dad the UK's 10th biggest mortgage lender.
Parents will lend
more than £6.5bn in 2017 - that's up from £5bn calculated in last year's
survey for the financial services group Legal & General.
That's
just under the £6.6bn lent by Yorkshire Building Society - the
country's ninth biggest mortgage lender - and means parents are involved
in more than a quarter of all UK property transactions.
Legal & General's chief executive Nigel Wilson tells Ian King Live why they carried out the research.
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