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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

emmal01 Wed 08-Jan-20 06:38:34

Saving hard to put money aside to help as much as I can for when the time comes but I think she likes being at home too much, which suits me!

compy99 Wed 08-Jan-20 07:18:30

we put money in a savings account but it was in. No way enough to help. Our Daughter and her Husband had to do it on their own. We now save for our Grandson but it will also be insignificant for him getting in the property ladder.

falconer Wed 08-Jan-20 08:51:33

Apart from a gift when my mother died, our children received no help from us at all. We supported them through university, and then they got relevant jobs. Our DD has bought a house in Norway (where they're more expensive), and our DS is living in rented accommodation whilst saving to buy.

janeyf Wed 08-Jan-20 08:54:39

Not financial help unfortunately but gave advice on how to be savvy with savings, helping with basics to furnish their new home

lornajk Wed 08-Jan-20 09:11:20

We bought our first house in the '80's and were very lucky to have half of the cost of it as an inheritance from my late father in law - we really did appreciate the helping hand. The mortage was paid off some time ago, and my son knows that one day the property will become his. He also knows that if he and his girlfriend decide to buy their own property (which won't be long I suspect), we will help with the deposit or whatever is needed, if we can. He's an only child, and is very aware that he is lucky in that respect, but remains a hard working young man, determined to stand on his own two feet if he can. Let's face it, who else am I going to leave things to?
As a family we have always helped each other whenever we can, whatever the circumstances, so helping with money is no different (if funds are there), as long as there is mutual respect.

volcanopete Wed 08-Jan-20 09:15:35

Start saving each month in an investement trust.A small amount each month will soon build up .

mo3733 Wed 08-Jan-20 10:23:02

i have encouraged saving throughout and said i would contribute half of any deposit

s861421 Wed 08-Jan-20 10:31:44

Not in an financial position to help the ( wish I was ). but would invest my savings with their building society ( if I had any ) to offset their deposit. Also if they stayed at home I would charge them board but not rent on cndition that this money was saved for a deposit

lizd31 Wed 08-Jan-20 10:49:36

It's important to set up an investment from the day the child is born these days. It's so difficult for kids to get on the property ladder. I had no help from my parents but things were different back then. I've made provisions in my will for my great niece, god daughter & godson so that they will receive a lump sum at the age of 21 to put down a deposit on a new property although hopefully I'll still be alive to see them at that age

pigglepaggle Wed 08-Jan-20 11:01:02

Only one of mine has bought a house. We helped with the deposit and treated them to a new suite. At the time we had just sold our caravan and had loads of kitchenware, bedding etc that we didn't need so that was a big help to them.

Helsbells68 Wed 08-Jan-20 11:12:53

Our son will inherit our house, we do not have the money to be able to assist him financially.

twinklenicci Wed 08-Jan-20 11:26:15

Unfortunately at 42 , im still not on the property ladder myself. I had my elder children quite young then became disabled so had to give up work. My husband works full time with a decent wage , but not enough to save for a deposit

Sheils999 Wed 08-Jan-20 11:44:06

They lived at home for a few years at various times to save money. I didn't have a lump sum to give them so had to help in other ways. I helped to furnish their houses too. Very difficult for them to get going nowadays.

Pumpkin2 Wed 08-Jan-20 12:21:51

I'm not able to give them money towards a deposit, but I can give them suggestions for example I encouraged them to start a right to buy ISA.

ohnoo Wed 08-Jan-20 12:25:23

we paid for our daughters wedding, so they could use the money they had saved towards their deposit for their house

happysouls Wed 08-Jan-20 12:40:23

I've never been in a position to help my son out financially. However luckily he has a housing association place that is brand new and far nicer than anywhere I've lived! My house is falling down around me. If I die in within the mortgage term there will be something to pass on because of the life insurance...if not I'll be kicked out and have to go and live in his shed!

sheilads105 Wed 08-Jan-20 12:40:43

Encourage them to save and help with deposit cash if you can. There's no easy option, buying today is very tough on young people.

browna Wed 08-Jan-20 12:44:12

i am saving up to help with a house deposit.

cinders59 Wed 08-Jan-20 12:55:47

We are actually giving our daughter some money towards her deposit, she is a single parent and is trying hard

mandy6270 Wed 08-Jan-20 13:12:04

DS and Girlfriend stayed with us on a very low rent, this gave both our DS and girlfriend time and money to save for a deposit, would recommend this to others .

maryandbuzz1 Wed 08-Jan-20 13:25:38

My son currently rents a tiny studio flat and is quite good at managing his own money. However he is not able to save any so when the time comes we will help him with a deposit......my view being that he has it now when it can do some real good or when we die.

Sappysar Wed 08-Jan-20 13:27:08

My parents gave me the deposit for my first home and I will be forever grateful.

elizab Wed 08-Jan-20 13:45:16

my daughter nisnt looking to uy righ tnow ut when she does we have property abroad left to us by the in laws when they died so id sell those and give her the money from the sales

emmmaaa26 Wed 08-Jan-20 14:07:03

Never been able to help.

katieskatie82 Wed 08-Jan-20 14:39:21

encouraged them to save up as much as possible whilst still living at home