'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.

Bank of Mum and Dad is huge, but not enough to solve housing crisis https://t.co/ZmmFkaWx8c pic.twitter.com/kDsQa3qL6m

— The Telegraph (@Telegraph) May 3, 2016

Take advantage of our discounted landlord insurance rates