Being the ‘Bank of Mum and Dad’




It’s never easy to climb that first step onto the property ladder. Year after year of increasing housing prices has caused the average home deposit to rise around 17%¹ and the average age of first time buyers to 36 years old².


It’s no surprise then that increasingly we are seeing ‘the Bank of Mum and Dad’ come to the rescue in order for their children to own their home. Many parents in the UK are resorting to giving their adult children a ‘leg-up’ onto the property ladder by gifting loaned deposits.



The Theory of Buying Later


As the first time buyer age steadily increases, a theory is formed on the possible effects for future generations:




A Lifetime Mortgage presents an opportunity to break this cycle. In some cases, parents are looking to the equity stored within their property to achieve this, as in all likelihood their home has increased in value recently.


In fact, there are modern financial tools which have been designed specifically to enable homeowners aged 55 and over to access the equity that has built up in their property. Known as Lifetime Mortgages, a portion of the value of a home can be unlocked tax-free to spend as needed.


Speak to us to find out if you could release equity for the purpose of gifting or loaning a deposit, or for any other reasons you may have.


Be aware that taking out a Lifetime Mortgage may affect your entitlement to State Benefits, and will inevitably leave less value in your estate later as an inheritance.





¹ – Which?, 2015

² – Property Wire, 2014






Responsible Equity Release is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register ( under reference 610205. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,490. A lifetime mortgage may affect the value of your estate and your entitlement to means-tested state benefits. Our adviser will talk you through this and the setting up costs before you make any decision to proceed.

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