BoMaD – Bank of Mum and Dad

Parents in the UK provide £6.3bn to help their children with their mortgages. This make them the 10th biggest provider when measured against other mortgage lenders.

According to the Legal & General it is putting many in financial difficulties as parents are using their pensions and savings to help their children.

People without the BoMaD support are finding it increasingly difficult to buy a home of their own, especially in London. There are initiatives to help first-time-buyers, such as Help-to-Buy and Shared Ownership homes. With a UK median household income at £29,400 most of the homes on offer are out of reach.

Mix Developments has devised a home ownership model that is affordable to people on a range of incomes from as low as £25,000. Mix is working with the GLA and Statutory Authorities to deliver more affordable homes. We are looking to work with other developers to deliver these homes.

Mix Developments can be contacted on info@mixdevelopments.co.uk

References
Legal & General – BoMaD, The Bank of Mum and Dad
BBC – Bank of mum and dad ‘one of UK’s biggest mortgage lenders’
ONS – Average household income, UK: Financial year ending 2019 (provisional)
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