UK parents lending to offspring to help buy a home set to reach £5 billion in 2016

Parents are set to lend over £5 billion to their offspring to buy a home by providing deposits for over 300,000 mortgages, purchasing homes worth £77 billion in 2016, according to new research. It means that the so called Bank of Mum and Dad is the equivalent of a top 10 mortgage lender in the UK and will be involved in 25% of all property transactions that take place in the country this year. Research from financial services group Legal & General and economics consultants says that this is li...