‘It was a nice thing to do’ the bank of Mum and Dad feel it is their responsibility to lend so that children can have a deposit to buy a home. Many over 55’s are putting their pension pots under strain; 6% are choosing to postpone their retirement and 9% are cashing in lump sums from their pension savings. 7% are using their pension drawdown, and 6% are drawing on their annuity income to help support their loved ones’ home ownership ambitions. The Bank of Mum and Dad is now the equivalent of a top-ten UK mortgage lender, gifting a total of £6.3 billion in 2019.
