The Bank of Mum and Dad: how to avoid problems
According to some estimates, the Bank of Mum and Dad will hand out around £6.5bn this year to help their children buy a home. Most of the money will go towards deposits with parents giving an average of £21,600. Paul Lewis finds out how to avoid the financial and legal problems of running the bank of mum and dad. What should families think about before offering mortgage help, loans or even generous hand outs to children? And what happens to the money if the child forms or ends a relationship? He starts by talking to Jo Edwards, Head of Family Law, Forsters.
First broadcast on Money Box, 17 May 2017.
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