Nationwide Say No To Bank Of Mum & Dad

Nationwide Say No To Bank Of Mum & Dad

Nationwide is said to be restricting the amount of money first-time buyers (FTBs) can use as a deposit that has been gifted to them by their parents – or the Bank of Mum and Dad as it’s more commonly known.

It is believed that Nationwide is now asking FTBs to prove at least 75% of the money they put down for a mortgage comes from their own savings.

This new announcement comes just months after the building society informed customers they would need at least a 15% deposit to secure a mortgage.

Savills, the estate agent, recently ran a survey which revealed that 40% of FTBs who were accepted for a mortgage in 2019, had financial assistance from their family.

Figures revealed that the Bank of Mum and Dad totalled £5bn last year, showing that it was a helpful option to help people onto the property market.

Jennifer van Deursen

Jen is the Senior Media Officer for Today’s Conveyancer, Today’s Wills & Probate  and Today’s Family Lawyer. Having gained a degree in Multimedia Computing, Jen fell into a content role after successfully applying for a job at Cheshire Police. During her 6-year service, she took on the role as personal Press Officer under the first Police and Crime Commissioner for Cheshire and worked in the busy press office for the force. Jen has experience in the marketing and communication sphere, which stems from her time in the public sector, private care sector and now here at the Practical Vision Network, where she can utilise her skills and challenge herself further.

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