Parents may find they are able to pay off their mortgage sooner if they use cash given to them as board from their kids, one bank has suggested.
Making overpayments of just £160 a month could save parents as much as £10,000 over the course of five years on their mortgage, first direct revealed.
It suggested that lenders are requiring higher loan to values than they were before the credit crunch, despite the average property price remaining relatively high at £164,773.
The bank recommended that although offspring are unlikely to stay in the family home for the duration of their mortgage, their input could make a significant difference.
Mortgage specialist at Nationwide Martyn Dyson recently said that more emphasis needs to be placed on the importance of people keeping up with their loan repayments.
He highlighted that there is no time like the present for considering how payments will be made in the years to come. |
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