The 'Bank of Mum and Dad' lends £6.3bn to home buyers

‘The iceberg mortgage lender’

clock • 3 min read

Friends and family spending over £24,000 to help loved ones onto the housing ladder

Legal & General has released their Bank Of Mum and Dad (BoMaD) research for 2019, which shows that family and friends spend on average £24,100 to help loved ones onto the housing ladder. The report shows that, amidst a reduction in transaction volumes across the UK housing market, it is predicted that BoMaD lenders will be more generous this year, as the average contribution increased by £6,000 from the average contribution last year of £18,000. The increase in ‘loan' sizes has increased total lending by 10% this year - up to £6.3bn from £5.7bn in 2018.   The research reports that the...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Insurer

Zurich pays out £392m across individual protection claims in 2025

Zurich pays out £392m across individual protection claims in 2025

97.4% of claims paid

Jaskeet Briah
clock 05 June 2026 • 2 min read
Aviva expands ChatGPT app to life insurance quotes

Aviva expands ChatGPT app to life insurance quotes

Application completed on Aviva’s website

Jaskeet Briah
clock 02 June 2026 • 1 min read
Scottish Widows pays out £219m in 2025

Scottish Widows pays out £219m in 2025

Nearly 11,000 claimants

Cameron Roberts
clock 26 May 2026 • 2 min read