First direct has suggested that parents could make a dent in their borrowing if they use their adult offspring’s board to make monthly overpayments.
Parents are finding that their adult offspring are staying in the family nest for longer whilst they gather the higher deposit required. As the kids are often in full-time employment, they usually pay something towards household bills, whilst saving the hundreds of pounds that would normally be spent on rent or mortgage payments each month as a deposit for their own place.
First direct estimates that using adult children’s board money to overpay just £160 each month, could save parents over £10,000 in five years on their mortgage, whilst leaving the child to “comfortably”” save for their future.
