Inter Family Loans increase
The number of Brits who are owed money by a member of their family, as provided through a good-will loan is on the rise according to a recent study.
One of the UK’s leading building societies has discovered that the total value of inter family loans has rose by almost 90% in the last 10 years and currently stands at a whopping £26 Billion. The society further revealed that the trend towards inter family loans appears to have increased quite dramatically over the last decade, with analysts speculating that rising house prices may have catalysed certain individuals to seek help from their families, with regards to home loan deposits.
Commenting on the results, a spokesperson for the society stated that family loans have always been quite commonplace within Britain, particularly when it comes to sourcing deposits for UK home loans. However, stark rises in the housing market, coupled with increases in the cost of living have made such requests all the more prevalent.
In related news, a separate study compiled by a financial comparison site revealed that as many as 1 in 4 relationships are prone to break down due to delays with repaying money lent between friends and family.
