The Bank of Mum and Dad ranked #11

Did you know that the ‘Bank of Mum and Dad’ is the 11th largest mortgage lender in the UK? This is according to research from Legal & General and the Centre for Economics and Business Research. They forecast that parents and grandparents will contribute to the purchase of around £70 billion worth of property this year. Nigel Wilson, group Chief Executive at L&G believes thousands of new affordable homes are needed to change this. You can read more about that here. In fact, it would appear that the number of homes built by government schemes is increasing, such as shared ownership, rent to buy and affordable rented schemes. It comes after some significant decreases in numbers in previous years. You can read more about this here.