Recent figures from the Centre for Economics and Business Research have revealed that the Bank of Mum and Dad lent over £6.5 billion in 2017 to help their children get on to the property ladder. The Times took the opportunity to highlight the importance of financial planning and expert advice, to ensure that families are aware of the potential tax and legal implications. Buying a property jointly with a child, for example, will result in the parent paying an additional 3% stamp duty charge if they already own a home of their own. Elsewhere the Financial Times reported on new products from Leeds Building Society, which have been designed to help landlords affected by the phasing out of tax relief. The products have a high upfront fee but a low interest rate, and with landlords facing more strain on their margins, experts suggested that some will consider paying higher set up costs to ease the pressure.
