Parents payout €20,000 for children's first homes

PARENTS are remortgaging their homes or borrowing up to €20,000 to help their cash-strapped children buy a house.

Dublin-based mortgage advisors REA revealed yesterday that parents are providing between €15,000 and €20,000 to help towards the costs of their children's first homes.

REA said between 60% and 70% of first-time buyers rely on help from their parents to make an initial deposit, which is often as high as €30,000, on a house.