The Bank of Mum and Dad

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.