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Find out how Gransnetters helped their DC get on the property ladder

(237 Posts)
LucyBGransnet (GNHQ) Tue 17-Dec-19 09:52:30

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From helping raise the deposit for their first home to helping them find the perfect curtains for their living room, parents support their children in creating their dream home in various ways. We want to find out if you’ve considered or have already helped your DC get on the property ladder and how you went about it.

So we are asking you how did support your children buying a home, if at all, and roughly when this was? Who started the conversation about helping them? What did you use to help them - your savings, using your existing assets and property, getting a loan, inheritance, tapping into your pension or another way? Was it in the form of gift, loan or early inheritance and what did the agreement terms looked like, if any?

Did you seek legal advice and formalise the process? If so, how easy was it to sort out the legal side of helping them out? What emotional or rational considerations did you take into account and if you could, how would you change the process of helping them buy their first home?

Whether you have considered, are currently helping or have already helped your DC, post your thoughts on the topic on the thread below. All GN users who leave their opinion will be entered into a prize draw where 1 lucky winner will get a £150 voucher for a store of their choice (from a list).

Thanks and good luck,
GNHQ

Terms and conditions apply

lastkisstoo Thu 09-Jan-20 19:33:39

Sadly I have not been in the financial position to help mine get on the property ladder. Both my adult children rent. I wish it was different.

jojo8208 Thu 09-Jan-20 19:19:00

My son saved his own deposit, I offered to help but he refused - I helped him by decorating the apartment & picking furnishings etc

chirag12 Thu 09-Jan-20 17:51:22

Gave their deposit towards their first home

shahedc Thu 09-Jan-20 17:24:06

Trying to leave behind a small property the children to start from

sweir1 Thu 09-Jan-20 16:26:17

We gave her a loan to be paid back over a set time

blahblahblah1 Thu 09-Jan-20 14:58:35

We are putting money away to hopefully be able to help out our DD one day in the future.

angiejackson Thu 09-Jan-20 11:05:21

My parents helped me with getting things for the house but ultimately it was my savings that helped for the deposit.

snare Thu 09-Jan-20 10:24:35

I'll help my kids with deposit.

Courtney767 Thu 09-Jan-20 09:10:06

Although our sons have not purchased yet, we will certainly help them with a deposit when the time comes. There is too much disparity now between salaries and house prices.

alabaster Thu 09-Jan-20 06:25:57

Use any inheritance from your own parents to help your own children.

loconnor Thu 09-Jan-20 00:15:46

My son is currently looking at buying a house. I'm providing him with advice about what to look for, what to consider, and will be giving him my opinion on any he's considering. I'll not be able to contribute much towards the finances but will help him with furnishing it

beckyinman Wed 08-Jan-20 23:48:17

Teaching them the importance of saving

michael888 Wed 08-Jan-20 23:04:38

I've helped my son from my first marriage by providing the most part of the deposit for his house.

cathryn1 Wed 08-Jan-20 22:05:04

It was help to get on the property ladder or help with the wedding, they choose property ladder

xsophiefx Wed 08-Jan-20 21:35:56

We don't have a lot of money but have always helped in other ways. Babysitting whilst they decorated etc.

kelliec Wed 08-Jan-20 20:32:55

By letting them stay at home rent free whilst saving for a deposit

grannybiker Wed 08-Jan-20 20:25:00

The lease on the flat our son and his then girlfriend had was coming up for renewal.They were looking to move somewhere cheaper and save for a house deposit for a couple of years. (Moving in with either set of parents wasn't an option as they'd both moved away and had jobs they couldn't transfer from.) They were also trying to save for a wedding.
Mr GB had a pension mature, so we decided to give them £10,000 towards their deposit. As housing where they live is cheaper, that was closer to the 10% deposit they needed with their £4/5K savings already.
This meant instead of looking for a place to rent, they looked for a place to buy. They've been very settled in a lovely 3 bed semi in a nice area with a huge garden (Corner plot) for 4 years+ now.
It also meant they could afford a wedding earlier too.

The house our daughter and SIL bought was getting very crowded as 2 of the DGC were teenagers. Plus it was an older property with some problems. We gave them £15K, also out of the pension pot, for renovations.
They made the only bathroom a separate loo and bathroom, cutting down on some morning problems, then looked at things like soffits, guttering, leaky roof.

We decided to give them the money now, when they really need it, rather than waiting for it to be their inheritance. Plus we get to see them more settled.
We have no mortgage and enough to live on - the product of frugal habits developed when poverty-stricken newly-weds continuing, LOL,

One of our favourite sayings, "Thrifty 'til 50, then spend 'til the end!"

jochrisbryan Wed 08-Jan-20 20:14:04

They both live with me, the cheaper rent enables them to save.

avery64 Wed 08-Jan-20 20:02:31

I didn't really need to help my children as they were both determined to get on the property ladder by their own efforts. My daughter started with a small flat near a soon to open tram stop. It soared in value and she was able to buy a semi when she moved to York and later as she moved up the career ladder a detached property. My son saved for a deposit on a bungalow but I persuaded him to let me top up his deposit so he could get a better mortgage deal. He paid me back in 2 years and again has steadily moved up that ladder. So proud of them both.

newgolddream71 Wed 08-Jan-20 20:02:16

By selling my london home and buying a cheaper house in kent the leftover cash has gone towards my sons flat

grumpsw Wed 08-Jan-20 19:25:54

While we were not in a position to financially help our daughters buy their own homes, we did have a home of our own and could offer them a home until they were able to save sufficient funds for a deposit on a house of their own.

Our younger daughter had moved into rented accommodation with her partner however when they had our granddaughter, they began thinking of trying to buy somewhere of their own.

We offered them the option of moving back into our home so that they were not paying rent every month. Our only proviso was that they demonstrated that the money they were previously spending on rent, they put away in a secure account each month until they had enough for a deposit.

Within 2 years they had saved enough and were able to gain a mortgage to buy their own property.

I will say that having an adult 'child', her partner and a young grandchild sharing a standard size house with us was at times 'difficult', but we had expected that to some extent.
The most difficult part for me was not giving what I considered to be advice but what my daughter saw as meddling.
The other difficult part was seeing our granddaughter move out with her parents as we had been used to having her around to love and play with every day.

Minnibix Wed 08-Jan-20 19:09:27

Helped with the deposit xx

sscrase Wed 08-Jan-20 19:02:11

Got a little time before I have to think about that but I aim to encourage them to stay at home as long as possible to save up for a deposit rather than renting and I will chip in as much as I can possibly afford too.

towser44 Wed 08-Jan-20 19:02:08

We were unable to help them financially, but managed to assist with some furniture and repairs, updating as and when.

SuzC Wed 08-Jan-20 18:11:40

We have kept a couple of flats that we owned previously as we moved up the property ladder with the view to passing these on to our children idc. They won't necessarily live in them but they could always sell to raise a good chunk to put down on a property somewhere that they do want to live.