Buying your first home? Parental loan scare for first-time property buyers

Buying your first home? Parental loan scare for first-time property buyers
 

One in six first-time buyers is funding their home purchase with a parental loan, yet 87 per cent fail to formalise the deal.
Without a deed of gift or letter of intent they are putting themselves in danger with no agreed method of resolving disputes.
The Bank of Mum and Dad is keen to help millennials get on the property ladder, but needs to set out clearly whether any money is a loan that needs to be repaid or a gift.
Large sums are at stake due to rising house prices, with an average loan size of £24,347, and gifts averaging £32,101, according to new research from Post Office Money.
Many... read more

 
28 February 2018 in Business, Views: 202
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