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| 'A priceless leg-up' - Bank of Mum and Dad | 'A priceless leg-up' - Bank of Mum and Dad |
| (about 4 hours later) | |
| Parents will give cash help to their children in 25% of all UK mortgage transactions this year, according to Legal & General (L&G) data. | Parents will give cash help to their children in 25% of all UK mortgage transactions this year, according to Legal & General (L&G) data. |
| This means a quarter of all mortgages will be at least part-funded by the so-called Bank of Mum and Dad. | This means a quarter of all mortgages will be at least part-funded by the so-called Bank of Mum and Dad. |
| We asked just how Mum and Dad found the money and whether they're happy to hand it over. | We asked just how Mum and Dad found the money and whether they're happy to hand it over. |
| 'Downsizing to help the kids' - Alexandra Bale, a single mother-of-two | 'Downsizing to help the kids' - Alexandra Bale, a single mother-of-two |
| Alexandra is selling her five-bedroom home in Dinnington, near Newcastle, to help her son and his girlfriend buy their first house. | Alexandra is selling her five-bedroom home in Dinnington, near Newcastle, to help her son and his girlfriend buy their first house. |
| James, 23, works in telesales for a mobile phone company and his take-home pay is almost entirely dependent on bonuses. He has been living in the family home, with his girlfriend staying over most nights. | James, 23, works in telesales for a mobile phone company and his take-home pay is almost entirely dependent on bonuses. He has been living in the family home, with his girlfriend staying over most nights. |
| Alexandra plans to give him £10,000 towards a semi-detached two-bedroom house in Fenham, close to the family home. | |
| Alexandra will downsize to a three-bedroom semi-detached in a "not-quite-so-nice area," to free up the money. | Alexandra will downsize to a three-bedroom semi-detached in a "not-quite-so-nice area," to free up the money. |
| She's planning to put another £10,000 into a trust fund for her daughter, Nicola, currently a student, so she can do the same for her when she wants to buy a house. | She's planning to put another £10,000 into a trust fund for her daughter, Nicola, currently a student, so she can do the same for her when she wants to buy a house. |
| Alexandra believes young people aren't given enough help and has come up with her own solution - first-time buyers should never be charged more than a 2% interest rate on their mortgage for the first five years. | Alexandra believes young people aren't given enough help and has come up with her own solution - first-time buyers should never be charged more than a 2% interest rate on their mortgage for the first five years. |
| "House prices are outrageous," she told the BBC News. "However, mortgage repayments are still less than rental payments and at least having a mortgage gives the kids an investment rather than throwing their hard-earned money away with no return." | "House prices are outrageous," she told the BBC News. "However, mortgage repayments are still less than rental payments and at least having a mortgage gives the kids an investment rather than throwing their hard-earned money away with no return." |
| 'A priceless leg-up' - Gillian, a retired mother-of-six | 'A priceless leg-up' - Gillian, a retired mother-of-six |
| Gillian and her husband have helped all six of their children buy homes over the years. | Gillian and her husband have helped all six of their children buy homes over the years. |
| They describe themselves as comfortable, but not well-off, and now live in a mortgage-free semi-detached house by the sea in north-east England. | They describe themselves as comfortable, but not well-off, and now live in a mortgage-free semi-detached house by the sea in north-east England. |
| She believes their situation has benefited from living where house prices remain "reasonable" in relation to wages. | She believes their situation has benefited from living where house prices remain "reasonable" in relation to wages. |
| Their own mortgage was paid off and their parents had passed on their estates before the children were at an age when they wanted to set up home. | Their own mortgage was paid off and their parents had passed on their estates before the children were at an age when they wanted to set up home. |
| Gillian says all six (their two and her four step-children) are in employment, some in more precarious work than others, earning enough to pay a mortgage but not enough to pay rent and save for a deposit without help. | Gillian says all six (their two and her four step-children) are in employment, some in more precarious work than others, earning enough to pay a mortgage but not enough to pay rent and save for a deposit without help. |
| Her youngest daughter lived in a caravan on a farm she was working on for 18 months before Gillian and her husband were in a position to help her buy a cottage. | Her youngest daughter lived in a caravan on a farm she was working on for 18 months before Gillian and her husband were in a position to help her buy a cottage. |
| Her youngest son, in the restaurant industry, and his girlfriend returned to the family home for two years after graduation while finding jobs and saving. They are now buying a three-bedroom house. | Her youngest son, in the restaurant industry, and his girlfriend returned to the family home for two years after graduation while finding jobs and saving. They are now buying a three-bedroom house. |
| The help came from a combination of Gillian's "retirement lump sum" and proceeds from shares in her parents' and her in-laws' estates. | The help came from a combination of Gillian's "retirement lump sum" and proceeds from shares in her parents' and her in-laws' estates. |
| "I consider every penny given to the children to be money well spent: all these inherited assets, each one not especially large, would have earned nothing in interest over the past seven or eight years, but as a leg-up for the children, their value has been priceless, and absolutely what their grandparents would have wanted done with the money," she told BBC News. | "I consider every penny given to the children to be money well spent: all these inherited assets, each one not especially large, would have earned nothing in interest over the past seven or eight years, but as a leg-up for the children, their value has been priceless, and absolutely what their grandparents would have wanted done with the money," she told BBC News. |
| "I realise not everyone is in a position to be able to help six young people and their partners as we have done - but we feel we have acted as responsible stewards of modest family assets." | "I realise not everyone is in a position to be able to help six young people and their partners as we have done - but we feel we have acted as responsible stewards of modest family assets." |
| 'My son appreciates the help' - Tessa Honey, a single mother-of-one | 'My son appreciates the help' - Tessa Honey, a single mother-of-one |
| Rob is Tessa Honey's only son, and when he grew increasingly frustrated about still living at home at 32, she offered to help. | Rob is Tessa Honey's only son, and when he grew increasingly frustrated about still living at home at 32, she offered to help. |
| Rob was working for the NHS, had savings and a girlfriend with a regular job, yet they could not get on the housing ladder. | Rob was working for the NHS, had savings and a girlfriend with a regular job, yet they could not get on the housing ladder. |
| Tessa offered to double his deposit of £25,000 and Rob finally found a property just outside Rochester in Kent that he liked. | Tessa offered to double his deposit of £25,000 and Rob finally found a property just outside Rochester in Kent that he liked. |
| The place was on the market for less than 24 hours for £195,000. The owner had four offers at £10,000 over the asking price within that period and only agreed to sell to Rob at £204,000 because he was a first-time buyer. | The place was on the market for less than 24 hours for £195,000. The owner had four offers at £10,000 over the asking price within that period and only agreed to sell to Rob at £204,000 because he was a first-time buyer. |
| "I bought a virtually identical property in 1979 for £11,000," she told BBC News. | "I bought a virtually identical property in 1979 for £11,000," she told BBC News. |
| Tessa, who now lives alone in a "great big house" in south London, said it seemed sensible to give her only son some of what he would eventually inherit. | Tessa, who now lives alone in a "great big house" in south London, said it seemed sensible to give her only son some of what he would eventually inherit. |
| "I've very fortunate to be able to help, and I think my son appreciates this." | "I've very fortunate to be able to help, and I think my son appreciates this." |