Mums a safer option than dads for borrowing money

People are more likely to borrow money for paying the mortgage or buying a house from their mums than their dad, according to the latest research.

Parents on a whole are the most common target for those without a partner when it comes to raising money to buy a house and get a mortgage, Chelsea Building Society found. Just under half (47 per cent) would turn to their mum or dad, while a third (33 per cent) would ask their brother or sister.

In Yorkshire, the parent-pestering is incredibly unbalanced, with a rate of 38.5 per cent meaning mums are five times more likely to be asked for money help than Yorkshire dads (7.7 per cent).

When it comes to asking dads for money, the area with children most willing to do this is London, where 17 .9 per cent say that dad is more approachable than mum when it comes to money matters.

Mums in Wales may also prove a soft touch for their kids when it comes to money lending. The Chelsea Building Society found that women in Wales are least likely to be money savvy.