BRITISH PENSIONERS HELP MILLENNIALS TO BUY HOUSES

The ‘bank of mom and dad’ is financing mortgages in record numbers as millennials are priced out of the market. But Pensioners are sacrificing their financial security in the process.

Millennials, born in the 1980s and 1990s, are struggling to become homeowners because they are often priced out of the market especially in London where first – time buyers have to pay about 2.5 times the national average to get a home. The bank of England raised its benchmark rate to 0.75 percent, the highest since 2009 earlier in August, adding upward pressure to mortgage rates.

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