Everything clients need to know about the 'Bank of Mum and Dad'

clock • 4 min read

Lawyer John E Jones explores the issues clients may face when acting as the 'Bank of Mum and Dad'...

A growing number of adult children trying to get their foot on the property ladder are turning to the ‘Bank of Mum and Dad,' according to a new report. With the cost of buying and owning your first home estimated to be at a 70-year high, rising house prices and rental costs are making it difficult for many young people to save a deposit, the Building Societies Association's ‘First-Time Buyer' report says.  Whilst parents might once have provided a safety net, acting as guarantor should children struggle to repay the mortgage, they are now more likely to be asked for money upfront, w...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Adviser tips

Deputy Editor's View: Will technology truly bridge the advice gap?

Deputy Editor's View: Will technology truly bridge the advice gap?

The deputy editor's Friday Night Takeaway from 7 June

Jenna Brown
clock 07 June 2024 • 1 min read
Everything clients need to know about the 'Bank of Mum and Dad'

Everything clients need to know about the 'Bank of Mum and Dad'

Lawyer John E Jones explores the issues clients may face when acting as the 'Bank of Mum and Dad'...

John E Jones
clock 04 June 2024 • 4 min read
Tips for boosting financial inclusivity for neurodiverse clients

Tips for boosting financial inclusivity for neurodiverse clients

Treat each client as an individual

Sarah Hammond
clock 03 June 2024 • 4 min read