The Telegraph look at how borrowing from parents can be a huge benefit to getting on the property ladder but also raises some common issues that occur.
The “Bank of Mum and Dad” is estimated to lend more than £6.5bn to help children on to the property ladder, making it the ninth-biggest lender in the country and a bigger player than Clydesdale Bank.
Parents helped provide deposits for more than 298,000 mortgages last year, representing 26pc of transactions. In most cases children are simply given the cash with no strings attached. Some “Bomads”, however, will offer an interest-free loan and others will expect some sort of return, financial or otherwise.
Regardless of the exact offer, Bomad is by no means risk-free. Here we answer the questions you need to ask if you decide to ask for help from your parents.