Bank of Mum and Dad reopens for business as children struggle

How much would you sacrifice for your children? An awful lot probably. How about signing over a portion of your home so that they can own theirs? That is precisely what thousands of parents are doing by releasing equity in their own homes.

"We have seen a sharp increase in the number of clients who are saying they need the money to help their kids either get on the property ladder or to help them move out of negative equity," said Dean Mirfin, a director at Key Retirement Solutions, an independent financial advice (IFA) firm specialising in equity release.

Key's internal client statistics show that 36 per cent of people buying an equity release product gave helping their children with property as a reason, up from 25 per cent two years ago.


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