THE BANK OF MUM AND DAD -
HELPING YOUR CLIENTS KNOW THE RULES
It's now quite common for young people, and particularly first time buyers, to receive a contribution from parents or other family members to help with a property purchase. The Bank of Mum and Dad is now one of the UK's biggest mortgage lenders but how does it really work?
As the Bank of Mum and Dad continues to play a pivotal role in helping first time buyers, it's essential that families know the rules for both their own financial protection and peace of mind.
We carried out some research with our members, in conjunction with the London School of Economics, to look at how families approach parental help when buying a property, and their experiences during this process. We have created these guides so that they can help families through every stage of the lending journey.
Preparation and planning
Our guides, which you can share with your clients, can help families best approach the often difficult conversation of financial assistance with their loved ones.
How to run the Bank of Mum and Dad
So how does the Bank of Mum and Dad really work?
Our guide outlines important issues that parents and children need to consider for their own financial protection and peace of mind.
Bank of Mum and Dad
- A Conversation Guide
For both parents and children, this guide highlights important questions and topics that should be considered when discussing financial support.
For more information on how the Bank of Mum and Dad really works please speak to your local BDM or our Mortgage Desk or visit our dedicated consumer webpage.