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?

BOMAD

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

BOMAD_How_to_run


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.

Download our guide

 

Bank of Mum and Dad
- A Conversation Guide

BOMAD_A_Conversation_Guide


For both parents and children, this guide highlights important questions and topics that should be considered when discussing financial support.


Download our guide

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.

 

Important information: price reductions to our mortgage product range - January 2022

7 Jan 2022
Good news - we've made some significant rate reductions to our mortgage product range for both Owner Occupiers and Buy to Let. 
 
These changes will take effect from today, 7 January 2022 and are summarised as follows:

Owner Occupier repayment:
• Reductions to 60% LTV products of between 0.15% and 0.35%;
• Reductions to 80% LTV products of between 0.30% and 0.50%;
• Our award winning Family Mortgage reduced by 0.45% to 2.84%.
• Joint Mortgage Sole Owner (JMSO) mortgages - product fees reduced from £999 to £599
 
Owner Occupier Interest-Only:
• Reductions to our core range including Retirement Interest Only (RIO) of between 0.25% and 0.50%;
• Reductions to Expat products of between 0.57% and 0.67%;
• Joint Mortgage Sole Owner (JMSO) mortgages - product fees reduced from £999 to £599.
 
Buy to Let:
• Reductions to UK landlord products of between 0.20% and 0.45%;
• Reductions to Expat products of between 0.20% and 0.65%;  
• Limited Company maximum LTV has increased from 65% to 70%.

Semi exclusive products
On top of our standard range of products we have additional semi exclusive products available via our packaging partners. Please speak to your local BDM for more information.

The completion deadline for all fixed rate products is on Friday 1 June.

See full details of our product range here

We have a team of BDMs ready, willing and able to answer any of your queries and guide you through the application process. If you don’t have a BDM in your area, you can contact our dedicated Mortgage Desk.

Find Your Local

Business Development Manager

Your Local BDM:

Arif Kara

Arif was previously a mortgage adviser, and focuses on North and West London. Contact Arif for help with your clients' mortgages.
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Your Local BDM:

Michelle Parry-Bunter

Michelle has worked for the Society for over a decade and focuses on the South Coast. Contact Michelle for help with your clients' mortgages.
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Your Local BDM:

Nathan Waller

Nathan, previously a mortgage broker, focuses on Cambridgeshire, East Sussex, Essex, Suffolk, Hertfordshire, Bedfordshire, Lincolnshire, Norfolk and Kent. Contact Nathan for help with your clients' mortgages.
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Your Local BDM:

Grace Bennett

Grace focuses around the West M25 area. Contact Grace for help with your clients' mortgages.
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Your Local BDM:

Darren Deacon

Darren has over 28 years' Financial Services experience and focuses on both the East & West Midlands as well as the Southwest. Contact Darren for help with your clients' mortgages.
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Your Local BDM:

Paul Roberts

Paul has over 30 years' experience and focuses on the North (inc. M62 corridor), Yorkshire & North East. Contact Paul for help with your clients' mortgages.
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We do not currently have a BDM covering your area. Please contact our Mortgage Helpdesk:

Opening hours: Mon - Fri: 8am - 5.30pm, Sat: 9am - noon

We may record any telephone calls we have with you in the interest of staff training, monitoring customer service or for security purposes.

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