24
Aug
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.