Bank of Mum and Dad
If a family member is able to help you buy your first home, we'll thank them with a gift of £2,000.*
What is the Bank of Mum and Dad scheme?
| If you're a first-time buyer and a parent or family member contributes 5% or more towards the purchase price of your new home**, they’ll receive a thank you gift from us after completion—our way of recognising their support in helping you onto the property ladder. |  |
How does the Bank of Mum and Dad work?
- Check your eligibility - To qualify, you must be a first-time buyer, and a parent or family member must gift at least 5% of the purchase price of your new home. You’ll need to provide proof of the gifted amount.
- Speak to the sales team at your chosen development - Our team will be able to tell you if the scheme is available for your selected home.
- Get mortgage advice from a trusted expert - If you're eligible, we’ll introduce you to one of our recommended independent financial advisors who will help you explore mortgage options suited to your situation.
- Once your purchase is complete, we’ll gift your supporting family member £2,000. This is our way of saying ‘thank you’ to them for helping you with your Bank of Mum and Dad mortgage journey.
Bank of Mum and Dad: FAQs
Who is eligible for the BoMaD scheme?
To be eligible, you must be a first-time buyer, and a parent or close family member must gift a minimum of 5% of the purchase price. You’ll need to provide proof that the funds are gifted, not loaned.
Can the gift be from someone who’s not a parent?
Yes. While it’s commonly referred to as the "Bank of Mum and Dad," the gift can come from other close family members, such as grandparents, aunts, uncles, or siblings.
Can the Bank of Mum and Dad be used alongside other buying schemes or discounts?
Yes, in many cases the Bank of Mum and Dad scheme can be used in combination with other offers, such as first-time buyer incentives or Armed Forces Discount. Subject to eligibility and availability.
Does the family member need to live with me or be on the mortgage?
No. The family member is gifting funds toward your deposit. They do not need to be named on the mortgage or property deeds, and they won’t be financially tied to the loan.
Bank of Mum & Dad Terms and Conditions
- This offer is available on selected developments and plots only, subject to status and availability.
- This offer is available to first time buyers only.
- This offer cannot be used in conjunction with any other Persimmon Homes offer.
- This offer is not available on Buy to Let property purchases.
- A gift letter stipulating that the gift is not repayable and that no interest is being charged will be required by lenders.
- Bank or savings account statements might be required to demonstrate proof of funds.
- Funds being transferred to an account in the United Kingdom from overseas might be subject to additional checks and allowable currency limits.
- The gifted funds will need to be accessible and transferable to the Solicitor acting on behalf of the purchaser.
- The gifted amount may be subject to Inheritance Tax within the parent’s estate on death depending on circumstances.
- Purchasers must meet the lender’s mortgage eligibility criteria.
- Legal completion must take place on or before the date agreed at the time of reservation.
- Persimmon Homes reserve the right to withdraw or alter the terms of this offer at any time prior to payment of a reservation fee.
* Amount may vary between developments
** Offer applies on selected plots only
