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Holly Thomas outlines the options for mothers and fathers who want to help their children on to the property ladder

Parents, wealthy or otherwise, are increasingly looking to help their adult offspring buy the pad they have always wanted — whether it’s their first property, or a move to a family home of their own.

In April a fresh supply of cash will become available when the pension rules change, allowing the over-55s direct access to their retirement savings for the first time.

Aaron Strutt at Trinity Financial, told The Times: “Lenders typically ask parents to confirm the gifted deposit is an unconditional and non-refundable gift, also that they will have no rights or interest in the property.”

Lending money to family can be tricky if you suddenly need the money and it’s locked up in a property that isn’t yours.

Strutt says: “It is possible to have a legal document drafted registered against the title deed and this would state the parents would get their money back on sale. Such forms are secondary to the lender’s charge. A deed of trust or noted interest is popular, but they are secondary to the lender’s first charge.”

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