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Tuesday, May 03, 2016

'Bank of mum and dad' funds 300,000 homes

It is predicted that 25% of  UK mortgages in 2016 will be financed by the 'bank of mum and dad'.

Stats from Legal & General and CEBR predict that parental loans will equate to £5 billion over the course of the year, helping to fund the deposits on over 300,000 mortgages with a total purchase value of homes  £77 billion.

The average parental contribution is £17,500 or 7 per cent of the home value.

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