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Did your parents help you get on the property ladder? - Receive a £20 voucher for 1.5 hours online discussion(34 Posts)
We are working with a financial organisation to develop a tool to support home buyers who would like to get help or have received help from their parents to get on the property ladder.
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No I had no help from my parents. I started working (and saving for a deposit) when I started my first job at age 17 in 1983 and bought my first property just before my 21st birthday with a deposit of £800.00! Sounds ridiculous now!
I had no help either. First job aged 14 (part time obviously at that age!), bought first house aged 20 in 1992.
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No help. It was the 80s and I got stuck with a 100% mortgage at ridiculous rates. Only a redundancy payment enabled me to dig my way out of negative equity.
I paid my parents a percentage of my wages after Uni. I was temping so some weeks earned barely anything. When I left home a year later they gave me a surprise cheque - they'd put all my rent money into a separate account towards a deposit. Another couple of years saving and I'd got enough for a deposit. Forever grateful and intend to do the same for DD if circumstances allow.
Yes my parents did help as I was single and no chance of buying on my own. Happy to take part in research. Thx.
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Not my parents but my grandfather. He bought my house and we set up a private mortgage with solicitors so we could have an interest free mortgage.
@Avestan9 you need to start your own thread.
No help from parents. Saved for about 8 months with my partner and bought at aged 19 and 20 (5 years ago now)
No help from parents. Didn't buy until I was 34, but by then I'd saved a lot so the mortgage was manageable (I bought alone).
My parents helped by advising us to move out of private rent and moving in with them for a year (turned out a bit longer than that) and not paying them any board or buying food etc. So we saved a decent amount each month.
Did your parents help you get on the property ladder?
No, they and I would have been too embarassed to have even thought it. Shameful even.
I was an adult, self- sufficient. Of course my parents didn't mollycoddle me and give my money to buy my home. It was up to me to make my way in the world and cut my cloth according to my earnings. If I couldn't afford to buy, I rented a place. If I couldn't afford to rent, I shared.
I did something which seems so rare nowadays: I went without. I saved. I didn't throw a tantrum and demand I have what I want.
I did and would be happy to join the webchat.
Your post is so bitter. Must be hard carrying that massive chip on your shoulder.
No help here. Instead we did what our parents did - worked full time with two professional salaries before babies came and bought before we bred.
What time is the chat? It says what day but not time so don't know whether or not I'd be free...
Our parents did. Happy to join the chat.
@Devereux1 I'm so glad I don't know you in person, you sound extremely bitter and jealous. You also know nothing about other people's situations so are in no position to judge
I come from a family where we help children out, even once they are adults. Our generous parents helped us get on the property ladder and we were able to pay them back before we had our first child. We also made sacrifices, worked full time plus overtime and saved hard - there is no doubt they would not have helped us if we were happy to fritter our money away.
We have every intention to do the same for our children in the next 25-30 years
riddles26 The feeling is mutual. It always make me chuckle when people like you say others are in no position to judge, when that's exactly what you have done with your post.
This was the self sufficient upbringing of many of us. We were resilient, something that all the evidence shows is lacking today because of snowflake parenting and paying for children well into their adult lives.
I'm allowed to come on a thread and say why it was considered shameful if anyone did that among my peers. You're allowed to say you had your Mummy and Daddy pay for you. I am not bitter nor jealous of your situation and what you are creating, believe me.
@Devereux1 I have not made a blanket judgement against all those who have not been fortunate to receive financial help the way you have done to all those who have. I am also not the only person who has made the observation of how bitter you sound towards those who have had help.
There is nothing to suggest that those who have received help are not self-sufficient, nor is there anything to suggest they are 'snowflakes' or that their parents continue pay for them for the rest of their lives. These are the judgements you have (and continue) to make towards those who have received something you didn't. It makes you sound extremely bitter and jealous rather than proud. As does the tone in which you state how 'Mummy and Daddy' pay.
My dad's dad got a loan in order to help him with his house deposit 35+ years ago when he was a young adult. He has since created his own wealth through hard work, paid off the loan as well as his parents' other debts many years ago and now supports his parents financially in many ways (they do not live in UK). He also helped me and my siblings out a few years ago in various ways, we have since paid (or are paying) him back and have every intention to care for our parents when they need it in their older age. We will also provide for our children in the same way as we have been provided for. It is known as caring for your family and is ingrained in our culture.
@Devereux1 you make it seem like anyone who has help from their ‘mummy and daddy’ are spoilt. My parents helped me. I know that I always have and will continue to help them in different ways too, it’s not all one way.
I also have worked hard and saved money it wasn’t all handed to meet on a plate.
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