The Bank of Mum and Dad

Published: 20 July 2018

Legal and General has researched trends relating to the Bank of Mum and Dad. The Bank of Mum and Dad is the equivalent of one of a top ten mortgage lenders. 57% of loans are in the form of a gift and only 5% are given as a loan with interest. In 2016 friends and family help over 300,000 of their loved ones to buy a home. Financial contributions are 7% or £17,5000 of the average purchase price. Read more.