6 things to think about before you open the ‘Bank of Mum & Dad’

girl with injured look after quarrelNew research from Legal & General has shown that more homebuyers than ever are relying on their parents, and indeed grandparents, to help fund the cost of their first or new home. In fact, if the ‘Bank of Mum & Dad’ were an actual bank of building society, it would be the 10th largest mortgage lender in the country. As house prices continue to rise, we know the temptation to help your children or grandchildren buy a home can be overwhelming. But, making a hasty decision based ...

The ‘Bank of Mum & Dad’ continues to grow

The ‘Bank of Mum & Dad’ continues to grow 150pxThe ‘Bank of Mum & Dad’ continues to grow, in fact, new research shows that if it were actually a bank or building society, it would make it into the top 10 largest mortgage lenders in the UK. The research, from Legal & General, shows just how vital ‘the Bank of Mum & Dad’ is to the UK housing market. According to the findings, it will lend over £6 billion in 2016, providing the deposits for over 300,000 mortgages and help ‘traditional’ banks ...