Thousands of Brits are relying on inheritance from elderly relatives to achieve their financial goals, according to new research from Engage Mutual.

The financial services provider found that 23 per cent of homeowners believe they will not be able to pay off their mortgage unless they inherit money, while 11 per cent of potential homebuyers said they will not be able to get a foot on the property ladder.

Some 12 per cent of respondents said they would be unable to retire without receiving an inheritance and ten per cent said they could not foot the bill for private education for their children.

However previous research from Engage Mutual reveals that the inheritance so many are holding out for may never come, as 54 per cent of retirees say they are struggling financially.

Karl Elliott, spokesperson for Engage Mutual, said: "It is worrying that so many people have to depend on inheritance to be able to pay for these things."

Instead of holding out for an inheritance a secured loan could help families afford the things they want by borrowing larger amounts over a longer term.

MoneyExpert.com said it saw an 85 per cent increase in applications for secured loans in the quarter ending January 2008 compared to the same period the year before.ADNFCR-1287-ID-18616917-ADNFCR

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