24 Aug

Homebuyers seek deposits 'from bank of mum and dad'

Homebuyers seek deposits 'from bank of mum and dad'

More homebuyers are seeking help from the bank of mum and dad in order to raise deposits to purchase a house for sale in the UK.

According to research from Aviva released today (August 24th 2010), parents are being relied on even more for financial help by their adult children.

It showed that 18 per cent of parents who are about to retire expect their kids will require monetary assistance, while a third of adults admitted they received financial help from their retired mums and dads.

The survey revealed that raising money to buy a house for sale is one of the most common reasons why parents help children, with 44 per cent of adults expecting their parents to assist them in raising the deposit.

This comes after Ray Boulger, senior technical manager at John Charcol, said that first-timer buyers were missing their chances to get onto the property ladder due to the requirement to put down large deposits.ADNFCR-1222-ID-800037842-ADNFCR

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