11 May 2017
The Bank of Mum and Dad (BOMAD) has grown to become a £6.5bn UK mortgage lender, on a par with the 9th largest UK lender.
BOMAD continues to grow in importance in helping young people get on, or move up the property ladder. Legal & General’s new research on the “Bank of Mum and Dad”, underscores the huge role of families in an over-priced, under-supplied housing market.
The research reveals how parents, family and friends will lend over £6.5 billion in 2017, up from £5bn in 2016, providing deposits for over 298,000 mortgages, and helping others to purchase homes worth £75 billion.
The Bank of Mum and Dad (BOMAD) is now on a par with the 9th largest mortgage lender in the UK (up from no.10 last year) and will be involved in more than a quarter (26%) of all property transactions that take place in the UK market this year.
Other key findings from Legal & General’s “Bank of Mum and Dad” research include:
Find out more about our research here