Poll Shows UK Parents Willing to Sell Home to Help Children

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22nd June 2012 14:50 - Public Consultation

According to a new poll carried out for money saving website DiscountVouchers.co.uk, many UK parents are prepared to re-mortgage or sell their own home to give their child a financial boost.

A total of one third of parents are prepared to re-mortgage or sell their property to help their child step onto the property ladder. A further 29% said they would do this to ensure their child can continue to higher education in the face of rising university costs, and nearly 1 in 4 would re-mortgage their home to send their child to a better school.

Managing Director of DiscountVouchers.co.uk, Doug Scott, commented: "Parents face a financially challenging time - on top of the daily expenses, many now have to take on rising costs of school and university fees, followed by trying to help their children get onto a costly property ladder... For most the only way to help is by selling or re-mortgaging their own homes, which can be a risky business for the whole family."

In addition, 6% of parents said they would sell their home so that their child could have a gap year or to take them on a world holiday, while 4% would do this to buy their child a car.

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