Many parents in the UK feel they need to help their offspring find a mortgage, according to research.
Just under half of parents believe it is their duty to provide their children with assistance in their mortgages, the study shows.
Furthermore, parents spend an average of £17,677 in helping to find a mortgage.
The survey, which was conducted by Alliance &Leicester, also indicates that one in six parents part with over £30,000 in a bid to help their children onto the property ladder.
Stephen Leonard, director of mortgages at Alliance &Leicester, comments: "As house prices continue to rise, it is no wonder first-time buyers are looking for that bit of extra funding from their parents to get on the property ladder."
He adds that this may be one of the reasons first-time buyer activity is continuing, despite rising mortgage rates in the UK.
The research also shows that 52 per cent of first-time buyers would actively seek help from their parents to find a mortgage, while nine per cent would ask their grandparents for assistance.
Recent research conducted by Nationwide shows that many potential first-time buyers are renting properties as they are unable to find a mortgage.
Parents feeling mortgage pressure, study shows
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Parents feeling mortgage pressure, study shows
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