"Bank of Mum and Dad" bails out first time buyers Withdrawals from the "Bank of Mum and Dad" have hit record highs, with the average set of parents loaning or giving almost £13,000 to other members of their family, new research shows. The figure is up by almost a third from £10,000 just five years ago, according to a report by Scottish Widows, the pensions and Investment Company. The money is being lent by parents to help their children get on the property ladder, pay off debts and fund day-to-day living. However, bailing out children can often put strain on the family finances. Indeed, 43pc said it caused worries about whether parents were in a position to help financially and 36pc felt it raised concerns around whether the children will ever be able to "survive financially on their own." In addition, 8pc of children say their parents have delayed giving up work to help them financially, 10pc feel they have used some of their retirement savings and 3pc said their parents have remortgaged their home to help their children. It is concerning that some people are delaying giving up work, using retirement savings or even remortgaging their homes to help their children financially. Yet, the money in question is often not given unconditionally. More than half of parents who offer financial help to their children to buy their first home expect to be paid back and 73pc of them want interest, according to a study by HSBC. Indeed, only 31pc of relatives offered cash as an outright "gift." Moreover, an increasing number of first time buyers are seeking independent loans to help purchase their new homes. While the "Bank of Mum and Dad" is clearly an important factor in this process, this circumstance indicates that first time buyers are seeking alternative means of raising deposit funds. Ashley Brown, of the independent mortgage broker Moneysprite, said: "What's interesting is that loans advanced to first time buyers have increased despite the average loan-to-value remaining static at 80pc. The problem for first time buyers has been how to cobble enough money together for a deposit, but these figures suggest they are finding a way to boost their deposit funds, despite having to meet higher living costs. Certainly the Bank of Mum and Dad is helping to boost deposit funds but there are a lot of first time buyers out there who have been putting away money every month for quite a few years. That's starting to show.