Barclays Family Springboard Mortgage: flying the nest with help from mum and dadHouse prices are soaring, and the average age of a first-time buyer is now 35. Student debt and a highly competitive job market is forcing 36% of Millennials to live with their parents. The Barclays Family Springboard Mortgage has a solution: borrow from the bank of mum and dad.
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“I want a bike, daddy, then a horse, then a car, oh, and a house,” says the Barclays Springboard Mortgage commercial, dryly poking fun at the ludicrous demands of our offspring. Now Barclays is harvesting parents’ financial potential in a bid to lend a hand with helping their children buy a home. Is the future of borrowing now inextricably linked to the ‘bank of mum and dad’? And will this scheme lighten the load for those in the UK finding it difficult to get a foot on the property ladder?