The Sunday Times - Parents turn to Bank of Son and Daughter
The new pensions minister has backed The Sunday Times campaign over age discrimination against older mortgage borrowers, branding the growing problem “wrong” and “harsh”.
Ros Altmann said it is one of the big issues she plans to address in her key role in David Cameron’s new government, after reading the Play Fair on Age coverage in The Sunday Times.
One mortgage broker said he is seeing increasing numbers of people, typically grown-up children, helping older relatives who have found themselves stuck.
Aaron Strutt from the broker Trinity Financial said: “Many parents would not have even thought about asking their children to help with their finances in the past, but their outstanding mortgage debts are forcing them to look at alternative options.
“If your mortgage is coming to an end and your children have good salaries, they may well be able to help.”
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