Millions of parents help kids find a mortgage by Finance News Bulletin

Published: 15/11/06

In the UK, one in eight parents will lend their children at least £20,000 to help them find a mortgage, according to novel researchA total of four million UK parents will provide some money to aid their youngsters' efforts to find a mortgage, a study from IFA Promotion has exposedAdditionally, three-quarters of these adults do not wait for to receive any cash back from their offspringHowever, one-third of the young recipients claim to have been surprised at the assistance, although 14 per cent of 18 to 29-year-olds expect their parents to pay the deposit on their mortgage

Karen Barrett, representative for the corporation, said: "Parents need to ensure they can afford to make a payment and consider how is best to raise the money"With such a large figure of parents not expecting their children to repay them, they also require to consider whether they can replenish the money"Recent research from Bradford and Bingley revealed that many parents expect their children to create investments for their future, with 55 per cent of adults expecting youngsters to add before the age of tenToday's Most Popular Results Mortgage Enquiry Form Need Life cover

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