Paul Taylor is interviewed by Malcolm Boyden on BBC Radio about the continued growth in lending by the “Bank of Mum and Dad”, which is now on par with the UK’s 9th biggest mortgage lender. With lending forecast to increase from £5bn in 2016 to £6.5bn in 2017 this has made national headlines. Paul discusses why this situation has come about, whether the trend will continue, and highlights some of the risks that are involved for parents choosing to lend money. What impact will it have on people’s ability to fund their own retirement and later life care, and for those “borrowing to lend” what affect might future interest rate rises have? He also touches on the pitfalls of equity release, plus a potential solution to the issue that would be deeply unpopular but perhaps necessary, and maybe even inevitable.
Available until 31/5/17, the interview starts 1 hour 36 minutes into the show, and lasts for 5 minutes. Click here to listen: http://www.bbc.co.uk/programmes/p04zr133