Bank of Mum and Dad loans over £5 billion to help offspring onto property ladder

News Article

The Bank of Mum and Dad (BoMaD) continues to be one of the most significant lenders to homeowners in the UK.

According to research by Legal and General, last year parents loaned a total of £5.7billion – supporting more people than ever onto the property ladder.

The report revealed that 27 per cent of all buyers will receive help from friends or family in 2018, up from 25% in 2017 – purchasing almost 317,000 homes.

Sarah Dowie, a Solicitor with Palmer said: “There is no doubt that the Bank of Mum and Dad now plays an important part in helping many people afford a home of their own.

“Despite its increasing popularity, many families are either confused about how to best help their children to get on the property ladder or are worried that they might be risking their rainy day fund so that they have nothing to fall back on if the worst should happen.

“To help navigate the complexities that the ‘Bank of Mum and Dad’ creates, we are hosting a free seminar to help families understand what is involved and identify the best options for their particular circumstances.”

The FREE seminar will take place on Tuesday 11 June 2019 at Rayleigh Town Museum, First Floor, 91 High Street, Rayleigh SS6 7EJ from 4.30pm to 6pm.

The seminar will cover a range of topics:

  • Dennis Copping (AJ Life) – Financial Adviser, will discuss deposits, lenders, shared ownership protection
  • Sarah Dowie – Solicitor, will provide an overview on cohabitation, cohabitation agreements and pre-nuptial agreements
  • Helen Jago – Associate Solicitor, will provide an overview of Wills and Declarations of Trusts

During this event, our team will also look at new leasehold developments surrounding a freeholder’s ability to forfeit a lease where the ground rent is not paid for months and the ground rent is more than £250 each year outside of London and £1000 each year inside London, which is often a critical issue for first-time buyers.

With more and more people affected by the ‘Bank of Mum and Dad’, places at this event are set to be in high demand so please reserve your free place today