Bank Of Mum And Dad Still Vital To Housing Market

New research from Legal and General in conjunction with business consultancy Cebr, have shown that 23% of housing transactions are backed by Bank of Mum and Dad (BoMaD). 

24% of borrowers are now more reliant on money from family and friends than they were before the pandemic.

This seems to be a contrast to the stance Nationwide were said to be taking at the start of last month, as they were looking to restrict the amount of money first-time buyers could use as a deposit if it had come from BoMaD.

It is thought that the total amount of money given or loaned by BoMaD will reduce this year as a result of lockdown and the Coronavirus pandemics.

Despite this, 175,000 housing transactions worth an estimated £50.3 billion is said to go ahead thanks to BoMaD this year.

 

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