How much will you be giving your DC for a house deposit?

[purplecrayons1]

Mine are only little, buy we live in the south east and this is worrying me already. I'll never be able to give my kids the kind of money my parents did to help me on the ladder.

I wasn’t planning to, and am unlikely to have anything spare to give anyway. But also I’m not planning on charging them rent to live at home whilst they build up a deposit, if that’s what they want to do.

As much as I have managed to save for her. At least 20k I hope, possibly more. She has a stocks and shares isa alongside a savings account. My husbands parents gave us 40k seven years ago. We have been very lucky.

The mortgage may have to be in our name but we are fortunate to be mortgage free in our 40’s so this is possible.

I don't understand the point of asking what other people do, how will that change your own choices?
As it happens we can afford to give our DS a fairly decent chunk towards a deposit ... a number of reasons - main one probably being he is an only DC! We had him when we in our 40s, our own mortgage was paid off by our mid 40s, we are of the generation where we got free Uni and full grants, we live in a fairly cheap part of the country and are used to saving and investing and lead a pretty dull, frugal lifestyle.
But how does that knowledge help anyone else?

£15,000 each child. That’s all we can afford.

Good point about saving in a Help To Buy ISA ... although I believe that scheme has now stopped.

You need what, 45k to get a 200k mortgage? If you’re near London it isn’t hard to find a job paying that, even in retail or hospitality if you’re management.

We also only have one child which is a massive benefit in terms of finances.

Approx 150k. It would have been more but I think we’ll pay for his private school fees and uni fees as I don’t feel comfortable about the uni loan amounts / rates any more

We had nothing from our parents but our son had £25k a couple of years ago when my husband could access his pension. He offered and it meant they got on the property ladder with our help.

Plenty of people live in the south east and are poor. Sure they might not all own houses but many, many people in London and the south east can’t afford to give their kids anything for a house deposit.

same as always the majority that have already can afford it and those that really struggle have no chance and already priced out the market

I'm guessing people who give their kids a fair amount will be less likely to post as it seems braggy/unkind to.

We helped our four kids out with houses. The kids are fully aware of how lucky they are. They are all hard working and earn well but the price of houses is high where we live.
DH worked extremely hard so they missed out on having him around as much as they should have done. He was brilliant with them when he was home but he was often traveling and he was often jet lagged or tired. We didn't ever plan for DH to work so hard as money wasn't the biggest incentive but it's how it worked out.

We live in the south east and will be releasing some equity in the house to help our daughter get on the step ladder, in the region of £35,000 I expect.

Nothing. My dd has a fund I've been contributing to since she was born, she'll get it at 18 and it'll be about 6k. Can't afford to give her anything else

Banks will conservatively lend 4.5 x salary so a 44k job in London is really very achievable. It’s not that much higher than the national average and jobs in London are vastly better paid.

Not sure, he earns a lot more than us though so probably won't need it, he is happy renting at the moment though

I think it all depends on everyone’s own financial situation. My partner’s parents gave them a substantial amount of lump sum (6 figures plus) at 20 because they were in the position to do that. However my mom gave me nothing and if anything I’ve bought the house she lives in now.

There’s no hard set rules. The important point someone has already made on here is that you provide the kids with the best position setup for them to make their own way. Teach them how to fish and don’t need to fish for them.

If you had a rather successful life and can given your kids a leg up then it’s your prerogative to do that but it shouldn’t be expected!

Nothing, busy worrying about how I'll afford to buy their high school uniform never mind a house.

My grandparents rented, I grew up in a HA house, my parents still live in a HA house, so does my sister and so do I.

No one in my family has ever had anything to pass on.

I've entered the upper class twilight zone

Nothing. We don’t have anything left at the end of the month.
It sucks but that is the situation.
We had to move away from the south east as we couldn’t afford it; rent or mortgage.

DSD will get £300k from us in the next year (she lives in a massively expensive part of the UK) Neither I nor DH got anything from our parents, both state educated, DH left school with no qualifications. Everything we have we’ve earned and paid a fuck tonne of tax on. I am more than happy to make DSDs life easier. And yes, she knows how lucky she is and she works really hard.

Nope. Unless your kids live at home and they got no expenses, no student loan / no other outgoing. After the introduction of affordability tests people will be very disappointed when they calculate their real net income is less hence affordability ratio is not the rosy 4.5x earning. People also stress test a lot more than after this episode of mortgage crisis.

I was given 5k towards and 5k towards a wedding, both I was really grateful for. I'm also one of 6 dc, and my parents gave us all the same.

I've one dc and dh and I have been saving (separately) for her since she was born. I've also a LISA that I plan to give to her- if she needs it. In total there will probably be around 150k .

I do and my children can choose between uni or a house deposit really, and even that we will struggle with.
My parents did give me 50k but that wouldn't help much round here these days and we just can't afford it.
It sounds awful, but my parents are comfortably off so I'm hoping that they will leave them something.