A key aspect of being the Bank of Mum and Dad is usually likely to be helping your children to own their first home. You may have benefited from the increase in the value of any property you own, but that is a benefit you might not be ready to realise yet in order to help the next generation. Plus you have your retirement to finance and you may also have the added burden of subsidising (or at least managing) the finances of your own parents.

If you are helping a family member buy their first home or if you are that family member being helped, you will want to consider which route would be best for all concerned.

A loan for a deposit is one option which makes a lot of sense for some families, a gift for the same purpose may be affordable (or a bit of both) or perhaps a joint purchase could be the best way forward. Other options do exist to reduce the cost of a mortgage, for example acting as a guarantor against the value of a home or savings, also help to buy schemes provided by the Government could ease the burden.

The right choice for you will depend on a number of things including, of course, the money or assets that are available, but also the degree to which you wish to be involved beyond the initial purchase transaction.

Each option brings certain advantages, but each is also likely to require legal advice to ensure you get the best result. The Wellers team of property, private client and family solicitors is able to help you whichever direction you choose to go in.

Contact us

Please contact us if you need to know more. You can fill out our enquiry form and we will get back to you.

If you can’t find the information you are seeking or just want a fuller explanation please call us. We have a number of offices in and around London that may be convenient for you to contact but we will be able to help wherever you are based.

  • London
    London City office: 020 7481 2422
  • Bromley
    Bromley office: 020 8464 4242
  • Surrey
    Surrey office: 01483 284567
  • Sevenoaks
    Sevenoaks office: 01732 457575
  • Chislehurst
    Chislehurst office: 020 8295 1989