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Parents helping kids with property could need debt help

Parents helping kids with property could need debt help

- Monday, 26 October 2009

Parents' willingness to use their savings to help purchase a property for their adult children could lead to an increase in the number of people seeking debt advice.

According to a survey from Lloyds TSB, more than two-thirds of parents believe that now is the prefect time to buy a home for their kids, with a quarter of this number planning to use their savings to help their offspring secure a mortgage.

Commercial director of mortgages at Lloyds TSB Stephen Noakes said that mums and dads had to offer assistance as a result of a widespread inability among first-time-buyers to afford a mortgage.

He commented: "One of the key things that we need to recognise is that with the current situation and the uncertainty in house prices [the industry is] now requiring a higher deposit.

"For an average house purchase, that is obviously a number of thousands of pounds."

According to Lloyds TSB, eight per cent of parents believe they have enough money put aside to help all of their children.

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