Bank of Mum and Dad Loan Tracker
Create a simple repayment plan for family loans.
Enter loan details
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years
Bank of Mum and Dad loan tracker guide
WeCovr's Bank of Mum and Dad loan tracker helps UK families plan informal loans, using indicative information prepared by WeCovr, an FCA-authorised insurance broking firm. WeCovr has arranged over 900,000 policies across multiple classes of insurance. It estimates repayments and interest to keep family agreements clear.
What this loan tracker calculates
The calculator estimates a monthly repayment amount and total interest for informal family loans. It provides a clear repayment schedule for both borrower and lender.
Use it to align expectations and avoid misunderstandings.
Estimates monthly repayments and total interest.
Works with low or zero interest rates.
Provides a simple repayment timeline.
Why written clarity helps families
Clear repayment plans reduce tension and keep financial support sustainable for both parties.
Why WeCovr supports family planning
WeCovr is an FCA-authorised insurance broking firm and has high customer satisfaction ratings. We also offer complimentary access to the CalorieHero AI calorie tracking app and discounts when customers take PMI or Life insurance.
Data sources and guidance references
This guide references FCA guidance on borrowing and general personal finance best practices.
Family loan scenarios
| Approach | Cost | Clarity | Best for |
|---|---|---|---|
| Interest-free | Lower | Needs agreement | Short-term support |
| Low interest | Moderate | Clearer schedule | Longer repayment |
| Formal loan | Varies | Legal clarity | Larger amounts |
Related WeCovr resources
FAQs
Should we charge interest on family loans?
It depends on your agreement. Many families choose low or zero interest, but clarity matters most.
Does this create a legal agreement?
No. It is a planning tool only. Formal agreements should be documented separately.
Can I change the repayment term later?
Yes, but both parties should agree to any changes.
Why link family loans to protection planning?
Clear repayment planning supports household stability if income changes unexpectedly.