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Last year parents & grandparents handed £6.3 billion to relatives to help them buy homes

But while this cash helped thousands of younger Brits take their first step onto the property ladder and escape their landlords, it could also ruin the people handing money over. Be sure to document the agreement .

Major dangers parents face when handing kids cash to help them buy a home

Last year parents and grandparents collectively handed £6.3 billion to relatives to help them buy homes – with the average donation coming in at £24,100.

But while this cash helped thousands of younger Brits take their first step onto the property ladder and escape their landlords, it could also ruin the people handing money over.

That’s according to research from financial services group Legal & General and think tank Cebr, which looked into exactly where the cash was coming from.

Chris Knight, Legal & General Retail Retirement chief executive, said: “The generosity of parents and grandparents is inspiring, but many are making big financial decisions without adequate planning or professional advice.”

Tim K. Dean, Credi Founder | Commentator & Expert on Family Lending, Bank of Mum & Dad and Neo-Credit Scores is available for media interviews and appearances. More…

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