Give them a boost
The so-called ‘Bank of Mum & Dad’ has never been more in demand, and in our view, that is unlikely to change. If you are in a position to help your grown up children get a great start in adult life, say to raise a deposit on a property, or to have a truly special wedding day, then the costs will not be trivial.
In our fact sheets below, we look into the average costs of having a wedding in the UK (£31,974 on average) and to get on the housing ladder (£41,270 for a 10% deposit on a home in London). This is money you may not have budgeted for: where will you find it?
Want to find out more about the financial costs associated with supporting your adult children? Download our fact sheets to learn more.
View all other reasons to borrow.
How do we stack up?
Here, we have summarised some of the key approaches to raising finance after 55 – looking at sensible borrowing, whether secured through equity release, or using unsecured borrowing.
We compare those methods to using your savings and investments or drawing down money from your flexi pension pot.