‘Mummy, can you buy me a house and be in financial hell forever?’

5 May 2014

If you’ve ever wondered why annoying squirts on property programmes can somehow afford houses upwards of £200,000, then wonder no more.

property ladder

In the latest report from the Halifax, it’s finally official - two thirds of people aged between 20-45 are getting financial help from their Mummies and Daddies. And it’s revealed that their parents are now worried about the financial implications of helping their offspring to get one of those elusive mortgages.

Their survey of 3000 parents, which was carried out over three years, showed that 38% were freaking out about their financial future, after forking out £££s from their savings to put their children on the property ladder.

And a quarter of parents said their children had moved back in with them to nick the milk and leave their dirty pants on the floor, because they couldn’t afford to buy a home for themselves. In fact, overall, the outlook for parents seems pretty bleak, with 92% saying they don’t expect their kids will ever be in a position to pay them back.

Craig McKinley from the Halifax said: ‘For many buyers, parental support is now the fundamental first step on to the property ladder.’

So, if your parents aren't well off, forget it. Ain't life grand?

TOPICS:   Consumer Advice   Investments   UK News   Home   Mortgages   Banking

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