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Bank of Mum and Dad helps a third of FTBs

Credit Action’s 2006 report has revealed that almost 38% of parents across Britain have either helped their children with a property purchase or intend to do so in the future.

A quarter of these parents are contributing between £1,000 and £6,000, while 13% provide at least £20,000 in financial support.

Furthermore, more than three quarters don’t expect the money to be repaid.

Credit Action as revealed that the total secured lending on homes has exceeded £1 trillion and at the end of November 2006.

This has increased 11.4% in the last 12 months.

Total UK personal debt has exceeded £1.25 trillion.

The growth rate increased to 10.4% for the previous 12 months, which equates to an increase of £111bn.

The report also shows that nearly one in three people failed to save a penny during 2006.

A fifth admitted to not saving as much as planned during the past 12 months, although, more than eight out of 10 say they have earmarked 2007 as the year to sort out their savings.

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