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Millions of parents help kids find a mortgage
Thu, 09 Nov 2006
In the UK, one in eight parents will lend their children at least £20,000 to help them find a mortgage, according to new research.

A total of four million UK parents will provide some cash to aid their youngsters' efforts to find a mortgage, a study from IFA Promotion has revealed.

Additionally, three-quarters of these adults do not expect to receive any money back from their offspring.

However, 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, spokesperson for the company, said: "Parents need to ensure they can afford to make a contribution and consider how is best to raise the money.

"With such a large number of parents not expecting their children to repay them, they also need to consider whether they can replenish the funds."

Recent research from Bradford and Bingley revealed that many parents expect their children to make savings for their future, with 55 per cent of adults expecting youngsters to contribute before the age of ten.

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