The Illusory promise: 1 in 6 FTBs are funding their home purchase from a parental loan yet 87% have no proper agreement in place.
Parents are loaning an average of £24,347 to help their children get on the property ladder compared to an average of £29,132 for those who gift the money
Majority of parents do not formalise an agreement with their house buying children and are failing to provide a deed of gift or letter of intent which could put them at risk legally.
Only one in five millennial buyers agree a monthly repa