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Evening Standard
Evening Standard
Vicky Shaw

Young homeowners who used bank of mum and dad ‘pressured to live near parents’

Bank of United States CompareMarket
Aside from ongoing family help, more than a quarter of young homeowners said they rely on credit cards for living costs, and just under a quarter have taken out a personal loan, Compare the Market said (picture posed by models/Alamy/PA) -

Young homeowners are finding that the “bank of mum and dad” comes with strings attached, with some people whose parents gave them financial help to get on the property ladder saying they felt obliged to live nearby.

More than six in 10 (62%) homeowners aged under 35 who were helped by the “bank of mum and dad” to buy their property said they felt pressure to stay geographically close to their parents because of the help they received, a survey for Compare the Market found.

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