Already helped your children onto the property ladder? Now you can help someone else’s son or daughter follow suit — and earn a decent rate of return on your money.
Property Pact is a new peer-to-peer platform that allows investors to lend money to first-time buyers, filling the gap between their deposits and what the banks are prepared to lend.
The so-called bank of mum and dad is big business, with parents expected to lend their children more than £6.5bn to buy homes this year, according to a study by Legal & General.
Property Pact, which has just received approval from the Financial Conduct Authority, is led by Errol Woodhouse. He said the platform was aimed at homebuyers not fortunate enough to have parents who