Aug 3 2006
Parents hoping to help their offspring get on the first rung of the property ladder are contributing more than £17,000 to the cause, according to new figures.
Alliance & Leicester (A&L) mortgages research reveals that mums and dads are setting their children up with on average £17,677 – the equivalent of paying the deposit of on a first time buyer property.
And fathers are more likely to give more to their darling daughters and sons than mothers, with 36 per cent of dads offering the set-up cash compared to 31 per cent of mums.
More than a third of parents said they would feel guilty if they did not offer financial support for their children to fly the nest.
One in six parents are prepared to give or lend their offspring over £30,000 to wave their last parental duty goodbye
"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," explained Stephen Leonard from A&L.
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