Fascinating research from the Bank of England about the extent of help extended to young property buyers by the "Bank of Mum and Dad".
My advice to all those mums and dads: think carefully about the terms of the gift. Think about who else will be living in that home, now and in the future. And think about whether your son or daughter should have a cohabitation agreement, a pre-nup, or a pre-civil partnership agreement to protect the gift you are making if things go wrong.
Out of every 100 new homeowners below the age of 30, 16 will have had help from ‘the Bank of Mum and Dad’, or Bomad for short. That rises to one in four new homeowners under the age of 25.
https://bankunderground.co.uk/2023/07/25/bomadland-how-the-bank-of-mum-and-dad-helps-kids-buy-homes/
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