Bank of Mum and Dad lends kids £2.3bn to pay the rent
The Bank of Mum and Dad will fund £2.3 billion of rent for their offspring, contributing on average £415 to every payment.
Parents now helps 9 per cent of renters across the UK with their financial commitments to their landlords on nearly 460,000 properties.
The research, from Legal & General,shows that the Bank of Mum and Dad now funds over a quarter (26 per cent) of all UK property transactions, putting it on a par with the ninth largest mortgage lender in the UK (up from tenth last year).
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Hide AdPrevious Legal & General/Cebr research showed the Bank of Mum and Dad will support £6.5billion of lending to first time buyers to get on the property ladder this year, meaning parents will fund some £8.8 billion in 2017 helping children to either rent or buy a home.