Bank of Mum and Dad is 9th biggest lender in the UK

Over a quarter of all property transactions in Northern Ireland and the rest of the UK will involve money lent by parents in 2017, according to a new report which also says that the Bank of Mum and Dad is now on a par with the ninth largest mortgage lender.

The report compiled by Legal & General and Cebr estimates that over £6.5billion will be borrowed from parents this year - up 30 per cent from 2016. The large majority (79%) of the recipients are first time buyers under the age of 30, and it is expected nearly 300,000 property purchases will involve funding from the Bank of Mum and Dad. Nigel Wilson, chief executive at Legal & General, says that lending from parents "continues to grow in importance in helping young people take their early steps on the housing ladder”.. as "a symptom of our broken housing market."

A recent study suggested that over a half of parents are intending to give early inheritances to their children, with 58 per cent of those doing so to help fund a property purchase. Click here to read more.

If you are buying a house in Northern Ireland, and require a property conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast or Bangor by clicking here.