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Should bank of mum and dad loans be formal arrangements?

A third of parents now see it as their duty to help their child buy their first property - according to new research from Quality Solicitors.

Of those who do provide assistance, 45% pay more than £10,000 and 17% pay over £50,000.

However, 88% of parents do not have any sort of formal arrangement in place to protect their investment should circumstances change.

Martyn Morgan from Quality Solicitors told BBC News: "The problem exists if the relationship breaks down... it's always best to protect that relationship and protect those funds by having a formal arrangement in place."