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

My boys are too young to get on the property ladder! One is 15 and the other is 10.. but when the time comes I’d like to think that I could give them a helping hand to get on the ladder, I don’t own my property I live in now but some day when I’m rich I’ll buy me a mansion!!

We gave our daughter some money after she graduated to use as she wished, she’s planning on adding to it and using as a deposit for a house in a few years

My eldest son left home to start his career in a different part of the country. His fiancée (now his wife) also left her family home, to move with him. They initially intended to rent a property but found a new-build estate offering a 5% deposit incentive to first-time buyers. They had some savings but not enough for the deposit, so we offered to give them the £5,000 they needed to add to their savings, to make up the deposit. They refused at first, as they decided to try to save the additional money themselves, but we eventually persuaded them to take the money as an advance wedding gift. They are still living in the same house, which they’ve made into a very welcoming home, and have since married and had two lovely children. We’re happy that we were able to help them to start their new life together.

Unfortunately I'm not in a financial position to help my children on the property ladder. I've helped them in other ways like buying furniture and decorating. NY children know if I had the money I would buy them a mansion each.

I did not have enough finds to help my daughter buy her first home but I did use all my savings (what was left after funding her uni degree without a grant support) to carpet, buy curtains, get windows fixed, and general sundries like lampshades etc. Her dad paid the deposit for the new home (we are divorced - he took everything in the settlement, house , business etc so was minted) but once she moved in, he asked for monthly repayments to pay him back the deposit money.

I bought my first home in my 30's without any financial help but I have given money to daughter to help with a deposit for buying a flat

We would never have been able to purchase our first house without a loan from my husband's parents. Knowing this, we want to be able to offer our son the same opportunity when he is ready to buy his own home.
We live in a time now where most young people just aren't in a position to be able to save for a loan for the deposit - unless they are earning a high wage & have little essential expenditure.
Owning your own property is a great investment for your future & security for yourself & your family.

My father passed away a few years ago and left a legacy for myself,my husband and his grandson.We put all the money together and started looking for a building plot here on the island of Fuerteventura where we live.We looked at many plots but all were too expensive.On our travels around the island, we came across a half built property which was in a state of disrepair.We asked around to find out who the owner was and discovered that it belonged to a builder who was unable to finish the build due to his untimely death whilst surfing.
To cut a long story short, we bought the unfinished house and set about renovating it which took a year to do.
My husband and I were happy to give our son our part of the legacy as we felt that it was best used at the present time rather than waiting till we had passed on.
The finished product turned out well and we are all pleased that the money from my father was put to good use.Without his money, our son would never have been able to get on the property ladder.He is very grateful how it all turned out and we are pleased that we could help financially.

I'm not in a financial position to help them

I was in the happy position of being able to help. My 17-year-old daughter had emigrated to another country and married. When her first child was born and I was visiting, house prices in their local area were, compared with the UK, ridiculously low. They have since soared. So I bought her a house outright and gave it to her on her twenty-first birthday. She has upgraded several times since then and also had some more help with mortgage payments and other loans since then when times were a bit tough.

I never looked for payback but helping my daughter, son-in-law and family of six children rather reduced the sum that I had intended for my old age. We emigrated and, although I own properties in the UK, I did not have enough available money to buy a house in New Zealand. The rents from the UK properties are the equivalent of a pension – I was self-employed and that's how I worked a functional life.

We rented a quite expensive but not awfully comfortable or practical house for six years. Then absentdaughter and her husband decided to change things as they could see that I was becoming distressed and depressed with the horrible kitchen and the garden I could never finish weeding. They bought me a house. They were not in the same financial position I was when I bought a house for her, but all I have to do is pay more or less the same rent as I was for a not particularly lovely house for something rather lovelier, more practical, comfortable, more modern and easier to manage to help with their mortgage.

What goes round, comes round.

We haven't been able to help our two daughters who both rent. However, they will inherit a sizeable house when we both pop our clogs so they can sell up and both have enough to get on the property ladder then. I think we would have thought about releasing equity or whatever, but youngsters today don't seem to be able to save. They want it, and they want it now. They all seem to live on credit cards now. I think that when we all got a brown envelope at the end of the working week with cash in it, we were better able to manage our finances. You could pay your rent, do your weekly shop, put money in the electric and gas meter, go to the launderette, put money by for fares to work and anything you had left over could be spent on clothes, going out or put by for a rainy day? What do other GN's think?

My youngest daughter and husband rented initially but when the opportunity arose to buy a new build they came to live with me for six months which helped them put money aside for their new home. I loved being able to do that for them as being recently divorced myself I didn't have any spare cash to give them. They lived here rent and utility bill free with two small children too.

My elder daughter followed the same pattern when they sold an old terraced house bought by her husband when he was single. Once again I housed a family with two small children for five months this time, before their new house was ready.

My son was a different story. Encouraged by my then husband to get on the housing ladder at what was a boom time, it all made such sense, or so I thought. My son eventually got his deposit from the money my husband got from our divorce. He had all the time being sneakily organising a bolt hole for himself in case his affair lady didn't quite work out the way he planned. So, ouch, that purchase does have a sting in its tail for me, but certainly due to no fault of my son who is now desperately trying to sell this old terrace for a bigger property for his new wife and family.

No doubt my son will come to live here with me if the house sells before he buys a new one. So yes, I have managed to help.

By teaching them from a young age the value of their money.

Lots of selling on eBay!

Five years ago, the deposit was a loan and all I did was keep a spreadsheet of the monthly repayments to me, plus any extra repayments, plus every time for went for lunch or to the theatre I wouldn't have to pay, but would reduce the amount owed on the spreadsheet. All paid back now.

If I'd felt legal help needed to be involved, I wouldn't have offered to make the loan.

I feel we helped by not asking ours to pay any rent or forcing them out, we wanted them to be able to save for their future

Giving them the deposit for a flat

My parents helped me out and gave me £2K which ensured we managed to get a mortgage on our first property - unfortunately it is a lot more expensive these days. We have also taken a big hit on a final pay salary pension so whilst we hope to help our three DDs they will pay us some interest on the amount we loan (considerably cheaper than a mortgage) and we are thinking when the time comes (imminently) that we will be seeking some legal advice, to protect our DDs as much as ourselves.

I helped as much as i could, when my son was saving for his house i popped a little each month into his back account at the same time he was saving this made buying quicker plus i bought them a sofa bed when they moved in.

with one of those savings accounts that acts as a guarantor for the mortgage payments

We got no help buying our first house and I'm afraid we won't be able to help our kids either. We help in other ways, eg helping with uni and letting them live rent free for as long as they want with us. WE still have a massive mortgage ourselves, so we can't afford to fund anyone else's.

Unfortunately I wasn't in the position to help my DC onto the property ladder as I was going through a divorce. Thankfully they were able to afford to do it themselves.

I would help them by giving a deposit for the house

I helped mine by encouraging them to set up Help to Buy ISAs. One now is already on the property ladder, the other one will complete in February and the third is still saving - such a good idea!!

We put money but each month, that they could use hopefully towards a deposit