When a bank or financial services provider offers a customer a loan, it’s understood that there will be small print. The terms and conditions under which the loan is offered and accepted are put in place to make the agreement as clear as possible and to protect both parties. What would happen if these agreements weren’t formalised in such a way? Consider for a moment, that one of the UK’s biggest lenders does not require a compulsory loan agreement. In some cases, that lender does not even discuss repayment at all. It would appear to be quite a risky strategy, don’t you think?
Owen Woodley's blog
The ‘Bank of Mum and Dad’ has become such a feature of the first-time buyer experience that we almost assume that most people taking their first tentative steps on the property ladder will have some form of financial support from their parents. However, Post Office Money has recently been investigating this assumed intergenerational support and our findings led us to ask a number of questions, specifically – how much does it really factor into the reality of most people’s buying experience and is it a sustainable model for the future?
Upon Googling ‘up and coming areas’, the first page of search results was overwhelmingly London-focused; the top places to invest in the capital, 2017 property hotspots, and where to look beyond this year. It’s not surprising; after all, for years London was the go-to place for young professionals.
About the author
Owen Woodley -
Managing Director | Post Office Money
Owen is Managing Director of Post Office Money, the financial services arm of the Post Office. Prior to this, Owen spent four years as Managing Director of the retail business at Lloyds Bank with responsibility for the branch network and the bank’s significant customer base.
Owen had previously launched and run a new UK bank in the wake of the financial crisis, Shawbrook, which focused on commercial property and asset finance lending.
He started his career at Barclays where he undertook a number of senior roles in the UK in retail and commercial banking. He also worked extensively in risk management and business development across sub-Saharan Africa. He was at different points responsible for the joint venture business in Barclaycard and was UK Regional Director for Barclays in the Midlands and London.
Owen has held a number of other board positions and is currently Chairman of the Trustee Board at the Drive Forward Foundation, a Charity providing support to care leavers.