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Parents sacrificing their children’s inheritances to afford rising mortgages

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Parents sacrificing their children’s inheritances to afford rising mortgages

Other homeowners however are using the loan to keep their children afloat, rather than themselves, as they too bear the brunt of unaffordable mortgage repayments.

One mother, 78, said she used a lifetime mortgage to draw out £60,000 from her three-bed home in Essex for her two sons – one of which could no longer afford his £2,000 monthly mortgage repayments.

Prior to extracting any equity, the value of her house – an ex-council property she paid the mortgage off on back in the 1980s – was £425,000.

The mother-of-two, who preferred not to be named, said: “If we’re sitting on money, why not help them? One of my boys would have lost his house if I hadn’t stepped in.

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“Hopefully there will still be some value in the house when I die. People tried to put me off. One friend of mine said when her 87-year-old mother-in-law passes she’ll have around £20,000 in equity in the house between three kids.”

Despite the risks, she has encouraged friends to do it too and is open to drawing out more equity should her sons need it. “I think it’s the way of the world with everything going up,” she added. 

After more than a decade of rates at 0.75pc or below, more recent rate rises have left many homeowners whose fixed deals are ending – and those on tracker mortgages – facing “huge blows” to their finances, according to financial adviser Jan Johnson of 55Plus.

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CryptoCurrency

Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week

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Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week


According to data from CryptoQuant, cbBTC circulation supply has outpaced long-established players seven days after launch. 



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Bitcoin options markets reduce risk hedges — Are new range highs in sight?

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Bitcoin options markets reduce risk hedges — Are new range highs in sight?


Bitcoin options market positioning shifted as BTC price shot through the $60,000 to $63,000 level. 



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Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 

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Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 


Ether price could be on track for another correction into a triple-bottom, marking the beginning of a big rally into 2025.



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Blockdaemon mulls 2026 IPO: Report

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Blockdaemon mulls 2026 IPO: Report


Other Web3 infrastructure platforms, such as Circle, are also mulling IPOs.



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SEC asks court for four months to produce documents for Coinbase

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SEC asks court for four months to produce documents for Coinbase


The financial regulator requested an extension until February 2025 to review “at least 133,582 unique documents” as part of discovery motions with Coinbase.



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‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec

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‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec


Ethereum is still home to the most active crypto developers and is the most attractive chain to build applications on top of for big companies, argues Bitwise’s Matt Hougan.



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