With parents lending an average of £17,500 towards their child’s first purchase and being involved with over 300,000 property transactions during 2017 alone the Bank of Mum and Dad is playing a significant role in funding the UK’s residential property market.
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What are the risks?
For many parents approaching this issue, it may seem like a straight forward procedure. Hand over the money to their offspring and turn up to the house-warming party 3 months later! In actual fact there are a number of issues that should be considered before writing out a cheque.
If your child is buying with a partner or decides to marry in the future the parent should consider who is likely to benefit from their