The Bank of Mum and Dad continues to grow in importance in the UK housing market. This year, the Bank of Mum and Dad will lend a staggering £6.5bn to kids across the UK to fund their home purchases – putting it on a par with the 9th biggest mortgage lender in the country.
Legal & General’s research, in conjunction with Cebr, the economics consultancy, shows the vital role the Bank of Mum and Dad plays in helping children get on, or move up the property ladder. The Bank of Mum and Dad will provide deposits for over 298,000 mortgages this year, helping to purchase homes worth £75 billion. That’s 26% of all property transactions that take place in the UK market this year.
BoMaD assistance has risen from an average of £17,500 in 2016 to £21,600 in 2017 – an increase of 23%. And it’s not surprising that hard-pressed Millennials are the biggest recipients of BoMaD funding – 79% of BoMaD funding goes to people under the age of 30.
Our interactive map below to see just how big a role the Bank of Mum and Dad is playing where you live
Bank of Mum and Dad will lend over £6.5 billion in 2017, up from £5bn in 2016, purchasing homes worth £75 billion in 2017. The Bank of Mum and Dad 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 26% of all property transactions that take place in the UK market this year.
If you’re planning to help your children buy a property, it's important to consider having protection in place, and life insurance could be an option.
You love your home and naturally you want to protect it and the possessions you've built up over time. So when it comes to choosing your home insurance it's about getting quality cover from a name you can trust.
If you're a renter you might not think you need home Contents Insurance - but it's worth thinking about protecting your personal belongings whilst you're a tenant.
In 2017 parents will lend a staggering £6.5 billion to help their loved ones get on to the property ladder. Our new research report investigates the growing role the Bank of Mum and Dad continues playing to combat UK housing shortage.