housing market

Over 25% of homes bought in 2018 backed by 'Bank of Mum and Dad'

Parents are now effectively a mortgage lender with a £5.7 billion loan book in 2018, according to financial services group Legal & General (L&G).

More than a quarter (27 per cent) of home buyers have received help from the ‘Bank of Mum and Dad’ so far this year. When looking specifically at under 35s, nearly three in five (59 per cent) have received support from parents to get on the property ladder.