The problem with the Bank of Mum and Dad

Parents have effectively becoming the ninth largest lender in the UK

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Last week it was revealed that so many parents are helping their children onto the property ladder that the Bank of Mum and Dad is now the ninth biggest lender in the country, ahead of Clydesdale Bank and just behind the Yorkshire Building Society.

Parents are expected to lend a massive £6.5bn to their children this year in order to help them buy a house, according to the research by Legal & General and the Centre for Economics and Business Research.

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