How much did your parents give you for a deposit?

[littlepieces]

If you've bought your first home in the past 10-15 years, how much did your parents or family contribute towards your deposit? (If they did). And how much was the house? In context, I'm 35, don't own a home, can't get enough deposit together, and I'm just curious. All of my friends own now (some on their 2nd or 3rd homes) because their parents helped them get on the ladder.

Ps. There's no need to comment if you're part of the 'I bought my 4 bedroom house in 1980 for £10,000 by working hard' crowd 😄I'm sure you worked hard, and that's really great, but it's not relevant to this post. Thank you!

£0

I was 25, parents gave me and my ex-partner 30k in 2013, but conditioned so that there was a declaration of trust put in place to protect the deposit should we split.

We were FTB in 2016 at the grand old age of 38, and house was £325k

I my first priority was a small tyneside flat (like the downstairs of a terrace) bought in 2014 for £38k. It was practically uninhabitable and up north, hence the price. Spent 4 years reinventing, then sold with enough equity to buy somewhere half decent.

My deposit was 7k, thought I could have got the mortgage with 4k. I had been saving for 5 years while working for minimum wage at gthat point. Ironically what gave me the push to buy insted of saving longer for somewhere better, is that I couldn't pass the affordability checks for a new rental. Parent’s contributed 0. No idea what I would have done if I lived in the south, as this kind of thing would have been impossible at even average house prices.

@Curriculum I count that as financial help.

I’m 39 and I bought my first home in 2008 with no parental contribution. The financial crash helped but at the time I was earning 16k and my partner 30k. I contributed more of the deposit as had saved harder.

Both my DDs (age 31 and 32) have bought their first homes within the last six years.
I gave each £100,000 as a deposit, as both were buying in Edinburgh, which is ridiculously expensive and properties always go for well over the asking price.
I had to clean out my entire pension lump sum to do it, but it was the only way to get them onto the property ladder in modest homes (a fairly central 2 bed flat, no outside space, and a 2 bed terrace with pocket hanky garden right on the edge of the city) in areas that I considered relatively safe to live.
I had no help when I bought in 1983, and got a 95% mortgage when interest rates were 15%!

Not a single penny

I've just given my son £35,000 to set them up otherwise he'd never be able to do so

I work in a Surrey School in Senior management.

Every teacher under the age of 40 has had family help to buy anything around here. We need to be at our desks at 7.30am, so living 50 miles away (in a cheaper area - where??) with M25/M3/A3 traffic isn't realistic or viable.

The Head earns about £60k p.a., a teacher in their 20s from £25-30k, and in their 30's and 40's £30k-42k with well over a decade to fifteen years classroom experience each.

A tired bungalow around here starts at £400k. A 2 bed '2 up, 2 down' maybe £475k, and so on. The Head told me the other day that we can't recruit - anyone - because they literally have nowhere to live. On his salary, banks lend say 4.5 times maximum, so he can afford a mortgage of £270,000. Essentially, the best paid person in our school can afford -and the banks are prepared to lend - two thirds of a worn out, ramshackle bungalow.

We are down now to recruiting newly qualified teachers aged 21 or 22 and do all we can to try to work out how long they 'can live with their parents'... as, at £24,000 starting salaries, minus student loan repayments and compulsory teacher pension contributions, their take home pay isn't enough to rent a 1 bed flat and pay the council tax with single person supplement, let alone feed themselves or run the car that they need to get to our rural school with no public transport links - certainly not at that time.

Our teachers stay maybe 3 years, after which they tend to give up when their parents no longer want them in their childhood bedrooms. They are forced to resign because the whole structure of their life then falls apart financially - The numbers just don't add up and there is nothing they can do about it.

The staff who have stayed into their 30s have received at least £75,000 from family help, at least, and that is just 30% of a studio 'room' in a grotty tower. Even if they lived 'rent free' for those 3 years with their parents and saved every penny - £1000 pcm - that £36,000 deposit, plus 4.5x their salary (say, £115k), isn't even close to that £225-£250,000 bedsit.

Bloody mess.

So many talented young people have left.

I worked part-time from 15 alongside school and Uni and saved a 5% deposit for a £45,000 2 bed terrace with no heating and single glazing. It was very cold but cleared up my asthma! No deposit but parents were guarantors.

Bought our first house in 2010 for £100k, in the south west. In laws lent us £7.5k for a deposit which matched the £7.5k that we had saved, and then we paid them back over about 4 years.

Bought 5 years ago. 100k deposit. No help.

I bought my 1st home maybe 19 years ago, mid late 20's.

I was only able to do it with an inheritance, I'd have never had parental help. And I don't know anyone who did.

£0 that was 26 years ago.
I gave my DC 70k last year towards his first property.

...answering the question, my father lent me £5,000 in 1988. That paid for a quarter of my 2 bed house priced at £19,500. I was a 1st year teacher and got a mortgage on the rest.

Today the house would cost £450,000 easily. So if the headmaster, the deputy head and the school bursar combined incomes (about £120,000 together), they could just about afford it.

Don't tell me it 'was the same in my day'.... it flipping well wasn't.

Nothing had to work my arse off myself.

£15k for a £150k house around 10 years ago. I'm massively grateful as I just found it impossible saving anything meaningful while paying rent, and was buying solo at the time which also makes a difference. Now married and have been able to move up the property ladder with both incomes and what we made on my first house.

Zero.

My parents don’t own their own homes either.

£5k from in laws in 2006 for a £160k house. We bought it on a 100% interest only 40yr mortgage. The £5k paid for fees and various other bits.

some years later my parents gave us £55k and we moved in 2018 to a £290k house now worth £400k.

we were very lucky.

42 bought first house in 2014 and parent gave me zero and I wouldn't expect them to give me money either.

My DH got £30,000 as an inheritance from his mum in 2009. He used it to buy a 2 bed flat in 2010 for £95,000. He now has about 150k equity in our 3 bed end of terrace house. It's scary how quickly the investment grew and I don't know how people without financial help manage.

Zero.
But rented a single room cheaply through work for more than 10years

I'm a little younger than you op and had no help, i worked two jobs through my twenties and lived with my boyfriend (now DH) who owned his home. He bought through a co-ownership scheme and bought them out years later. I saved a deposit and bought a house which i rent out and then a few years later he sold his house and we bought a house together.

I don't personally know anyone who had help but I'm also sure that a lot of people do they just don't go around telling people 🤷‍♀️

OP. What are your circumstances? The thing is if you are earning little then the chances are you won’t be able to afford to buy. There was a thread a month or so ago stating that it wasn’t fair they couldn’t afford to buy yet the OP was working part time and earning something like £18k.

I had nothing from parents but things were different 30 years ago.

We were extremely lucky in some ways and not in others. We had £65k given to us by family on both sides for our first home 13yrs ago- house was £245

We then went into negative equity and took years to climb out of it
but have been gifted another 20k to buy a 2nd (bigger) home

We rent out first home out privately