'Bank of mum and dad' lends £5bn a year in UK, says L&G

[PurpleGorilla]

I paid for my voyage of discovery at 18 years old, you plum!

Apart from that my life has been similar, apart from the fact I worked for a few years prior to university.

Good for you. I respect that.

[d000hg]

Considering the remaining parent of a couple will have a tax free inheritance allowance of 650k and this is not factoring the special new rules on primary residences this government brought in, most people are not really escaping tax because most parents don't have estates worth enough to start with.

[Acme Thunderer]

My eldest is in his 2nd year at Uni but has nearly £10K saved. None of it came from the BOMAD. He has had a couple of Summer and Christmas jobs and believes Uni is for learning rather than seeing how much alcohol you can get down your neck.

We do pay for his accommodation - money we saved from our earnings, not inherited.

It can be done IF you are prepared to get your head down and get on with it, rather than sit around waiting for someone to give it to you on a plate.

[NotAllThere]

We put a little money every month into our kids' accounts since they were small. It built into a nice nest egg. My daughter-in-law today said that she'd got about the same money as my son, when they married. But she'd saved it all herself - from working mainly.

[d000hg]

My eldest is in his 2nd year at Uni but has nearly £10K saved. None of it came from the BOMAD. He has had a couple of Summer and Christmas jobs and believes Uni is for learning rather than seeing how much alcohol you can get down your neck.

We do pay for his accommodation - money we saved from our earnings, not inherited.

It can be done IF you are prepared to get your head down and get on with it, rather than sit around waiting for someone to give it to you on a plate.

Not to mention taking tens of thousands of pounds of debt from the government in student loans.

The £10k he has saved is almost exactly the cost of his accommodation for two years so roughly speaking he's saved the money you gave him, which seems to be the opposite of the argument you're making about getting hep from parents!

It seems pretty stupid to dislike rich children for having rich parents. Very left wing, get on and make something of yourself rather than complaining about others instead

[PurpleGorilla]

It seems pretty stupid to dislike rich children for having rich parents. Very left wing, get on and make something of yourself rather than complaining about others instead

I remember a guy who's parents bought him a brand new mx5 on his final year at uni. Who does that!?!

[BrilloPad]

I remember a guy who's parents bought him a brand new mx5 on his final year at uni. Who does that!?!

At my university there were a few. And that was the early 80s.

I would be interested to see how BOMAD has changed over the years. I can often remember parents helping their children.

Though I think it is partly due to the university I was at......

[BrilloPad]

At my university there were a few. And that was the early 80s.

I would be interested to see how BOMAD has changed over the years. I can often remember parents helping their children.

Though I think it is partly due to the university I was at......

Which reminds me. One friend at school had a car bought by his parents. They insured it. They then bought him a motorbike. He then needed £30 to insure it and asked his parents. They went ballistic....

Someone told me his father invented the Malteser chocolate.

[MrMarkyMark]

I remember a guy who's parents bought him a brand new mx5 on his final year at uni. Who does that!?!

Indeed.
What did he graduate in, hairdressing ?

[DimPrawn]

100% mortgages are back!

Who needs BOMAD?

Barclays offers 0% deposit mortgage to home buyers | Money | The Guardian

The selfie stick generation can rock up and buy a house. Sorted. And they will lend 5.5 x income.

Next week, self-cert 125% mortgages with free Porsche on the drive. It's 2007 all over again.