Many Britons are quarrelling with family members after handing out short-term loans which are never repaid, it has emerged.

Research conducted by Skipton building society shows that one in ten consumers feel taken for granted when providing financial assistance to their loved ones.

Some nine per cent of respondents revealed they were actually pressured into providing a relative with money.

A less troublesome means of acquiring finances could be a homeowner loan, which can provide funds on flexible terms.

Head of media relations Jennifer Holloway comments: "It's well known that many homebuyers rely on the bank of mum and dad for help purchasing a property.

"But it seems getting loans from the 'financial family' is extending to other areas, such as for paying bills."

As homeowner loans can be used for a range of purposes, any cash left over from covering the costs relating to setting up home could be used for subsequent bills.

Statistics from Credit Action reveal that seven-eighths of all new lending approved in September was in the form of secured loans.ADNFCR-1287-ID-18343374-ADNFCR

Request a Callback

Fill in your details and we'll call you back