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One Third of Parents Remortgage to Help Their Children
A survey this week revealed that around one third (28%) of all parents had remortgaged in order to help their children (aged 18-30) raise enough capital to buy their own home.
The survey, conducted by The Children's Mutual, also revealed that whilst 18+ had traditionally been seen as the time when children fly the nest and parents can start spending more of their money on themselves again, in reality the average parent can expect to still hand over more than £30,000 to each child between the ages of 18 and 30.
Commenting on the survey, Tony Rice of Bedfordshire-based specialist mortgage and insurance brokers TMP Mortgage Zone, said: "Never mind Baby Boomers, meet the Baby Gloomers! It can be safely assumed by any parent today that their child reaching 18 most certainly does not coincide with their financial independence. Many parents now and in the future are likely to be asked to help their children with deposits and over costs of buying their first home."
[ 18-02-2010 ]
