Meera Kumar, a 25-year-old junior doctor, wouldn’t have been able to get on the property ladder as young as she did if it wasn’t for the help of her father.
The Gen Z homeowner purchased a £443,500 property in Milton Keynes with a £250,000 deposit.
A small portion of that chunk of money – £26,000 – did come from her own savings, but the rest – £224,000 – was a gift from her father.
This dramatically reduced the size of her mortgage and slashed her monthly housing costs.
At a time when many young people struggle to get on the property ladder, Meera acknowledges she is “incredibly fortunate” and says she would likely have faced another five to 10 years of saving without the so-called Bank of Mum and Dad.
