Bank of Mum and Dad: a major mortgage lender

5th May 2017

UK parents are set to contribute towards 26% of property transactions in the UK this year – or 298,000 deals. In total, parents will pay over £6.5bn to help their children buy a home in 2017, up from £5bn last year, according to a report by Legal and General and the Centre for Economics and Business Research, with the average contribution rising from £17,500 to £21,600. This makes the “Bank of Mum and Dad” equivalent to the ninth largest mortgage lender in the UK, Yorkshire Building Society.

The Daily Telegraph (01/05/2017)