Property News · November 11, 2017

The bank of Mum and Dad: ‘It’s such a huge amount of money. And guilt’


The only way many young people can buy a home is by borrowing from family. But is it healthy – and what if parents can’t help out?Your friend has bought a house. You’re in your 20s, or perhaps your early 30s, and because you’re not part of the wealthy elite, this seems unusual. The country is in the midst of a housing crisis that has seen home ownership plummet among younger people. Perhaps you’ve been trying to save, but what with the cost of living and the money you’re spending on rent, you’re not getting very far.Then you see your friend’s smiling face on social media as they brandish their new keys. Perhaps they invite you round for drinks to celebrate moving in. And you’re happy for them, of course. But also you can’t help but wonder: how much money did their parents give them? Continue reading…

Source : theguardian.com
Read more…The bank of Mum and Dad: ‘It’s such a huge amount of money. And guilt’

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