The Bank of Mum and Dad
Thinking about opening the Bank of Mum and Dad?
Whether you're ready to offer financial help or just want to understand the best way to support your child, we’re here to help. From mortgage advice to local market insights, we’ll guide you both through every step - clearly, calmly, and with no pressure.
How Parents Can Help Their Children Buy Their First Home
Advice from Rob Milne, Managing Director
Buying your first home is a huge milestone, but for many young people today, it can feel completely out of reach. As parents, many of us want to help where we can, but it’s not always clear what kind of support makes the biggest impact - or where to start.
Here in Reading, we regularly speak with families who are trying to plan ahead for that first step onto the property ladder. Whether you’re hoping to contribute financially or just want to help guide your child through the process, here are a few key things to consider:
1. Start early and plan together
It can take years to build a deposit. In England (2024) the average age of the first‑time buyer was 34 years old, so the earlier those conversations begin, the better. Work out what’s realistic together, and speak to local agents (like us!) to understand what homes in your area actually sell for, not just the headlines.
2. Help them manage expectations
A first home is rarely a dream home. It’s a stepping stone. They may need to compromise on size, location, or condition. But building equity in any property is a huge first step forward.
3. Speak to a mortgage adviser early
Before they fall in love with Rightmove listings, speak to a mortgage expert who can advise on:
- Affordability
- Deposit options
- Government schemes
- Mortgage products for first-time buyers
This is particularly important if you're hoping to act as a guarantor, gift money, or co-purchase.
👉 Our partners at Mortgage Advice Bureau are on hand for no-obligation advice - just ask us to connect you.
4. Consider the Lifetime ISA
If your child is aged 18–39, they can use a Lifetime ISA to save for a deposit - and receive a 25% government bonus on savings up to £4,000 a year. That’s £1,000 a year added, completely free.
5. Think about short-term savings strategies
- Could they move home to save on rent?
- Could you support them by covering legal costs or gifting part of the deposit?
Even £3,000 a year can be gifted tax-free - and it can make a meaningful difference.
6. Explore alternative buying options
- Buying with a friend or sibling
- Shared Ownership schemes
- First Homes scheme (if available in your area)
This is where expert local advice really matters, especially from someone who understands both the property market and your mortgage options.
7. When they’re ready - make it local
Once they’re in a position to view, advise them to work with a local agent who knows the area, understands first-time buyers, and can guide them through the process clearly.
At WhiteKnights, we’ve helped hundreds of buyers take their first step - and supported just as many parents behind the scenes too.
💬 Thinking of helping your child buy in 2026?
Let’s have a conversation. Whether it’s financial planning, finding the right home, or understanding your options as a parent, we’re here to help. Get in touch by calling us on 0118 334 7410, or complete the enquiry form on this page!