Tag: #BOMAD
Declaring Details: How Correct Information Can Save Manchester Landlords Thousands
For Manchester landlords, having the right insurance coverage is not just a box to tick. It’s an essential safeguard for your investments. But simply having insurance is not enough; understanding the policy’s specific requirements and declaring everything accurately is crucial. In the following cautionary tale, we’ll explore a real-life incident involving a landlord who learned this lesson the hard way. The names and details have been changed, but the lessons remain valuable for all landlords. The story A diligent landlord, let’s call him Martin, was confident he had secured the right landlord’s policy with a reputable insurance company. He was [...]
First-Time Buyers in Manchester Bank on Mum and Dad
This two-minute read looks at parents’ integral role in helping young people get on the property ladder. There’s one financial institution that never seems to go out of fashion, and that’s the dear old Bank of Mum and Dad (or BOMAD for people who like acronyms). About half of all first-time buyers (FTBs) last year relied on BOMAD, with parents dishing out a record £9.8 billion to help their offspring get on the property ladder.1 The average contribution was £58,000. And in the past ten years, BOMAD has coughed up £54 billion, assisting 1.4 million buyers.2 [...]