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.

Such a tactless thread title!

Somewhat naively, I thought my job would be the kind that meant I got the big 4 bed house, holidays and savings.

Turns out that's only actually if you marry someone who outearns you. And you live in 1995.

We've saved 100 a month for the dc since birth, but that will barely be enough for a car when they turn 18. Definitely no deposit for a house. They'll need to earn well.

I got sweet f. all from my parents and have been on the back-foot ever since with serious money problems, so doubt my kids will get much. I have approx 2000 each for them and they are 10.

I don't blame my parents, they never really worried about money and they just didn't understand how hard if was in the 2000's and is still in the 2020's to get started. They were naive in a way.

It's very, very clear though that keeping money in the family and saving for your kids can make all the difference. My parents thought money was irrelevant to your life outcome but it's really not as never having your own home or being able to start a family is not nothing.

I know ppl who cannot buy Peckham has bought New Cross gate.

and? I know people who bought flats and sold them for pretty much what they paid. I also know people who have found the jump from a flat to a house even harder now and have to leave London to afford a house.

There is also the shared ownership scheme. I did it in the South East. I staircased pretty quickly to a bigger share as my salary went up, and I am now looking to buy on the open market so will no longer be paying any rent portion.

As PPs say there is also the help to buy scheme.

Nothing. We have paid for the two of them to get through university debt free and they can stay at home as long as they like to save a deposit. We don't come from wealthy families and will have no inheritance and we have to provide for ourselves in retirement. I would love to give them a deposit each but we have done as much as we can. Getting them both through uni without a penny in debt has just about broken us but I am glad we could do it for them. We have on year left with a child in full time education and I can see the light at the end of the tunnel.

That's still a brilliant start - well done!

Nothing.

DC moved out at 18 and 19. DC1, now 25, bought their own house last year after renting and saving.

Nothing at all. I don't even own my own house, I rent.

DS will have a roof over his head for as long as he wants to save for his own house deposit, that's all I can offer.

In the real world with the COL crisis, most people won't be able to afford to give their kids house deposits.

None

As soon as they get married that becomes the marital home - even with a prenup their husbands will receive 50% of the house and the % I put in for my daughters.

But I will help them acquire rental properties as an extra piece of income on top of whatever profession / job they choose.

They can live with me while saving / spending their money - choose to save to buy on their own / rent with friends / partners.

But there's absolutely no way our family money will go to a husband if they end up getting divorced. Their assets from the family will be protected -

£0. Live south east. Eldest particularly (mid 20s) already has a house deposit saved. Needs to up her income to afford to buy though. Wouldn't get the mortgage multiple, that's the problem if buying solo.

Lately on MN I have been seeing many posters say that parents absolutely need to provide deposits for their DC because life is so hard for this generation and the kicker" You brought them into the world!". Life was hard for me too. As I said upthread, I shared with strangers and rented for years. I did not get a penny from parents and it was the making of me

I don't see what's wrong with renting..Millions do it across the world.. It's only in the UK that it is considered beneath contempt.

However , glad to see some pushback on this thread. I will allow my DC to stay in the family home rent free. ( one already is) I can't downsize because the home is already small and I am not moving. Beyond that, I am not sure about helping them out further.

Two of DS friends have bought houses at 23.

One was left 150k by their Grandmother and their partner was also gifted money. The other did a degree apprenticeship and lived at home with parents charging a token amount of rent. He is buying alone and had saved up.

DS is also doing a degree apprenticeship. No tuition fees, guaranteed job and he can also live at home, he pays keep. He is 23 and worked from 18 to 21 then began this apprenticeship. We haven’t told him but we will match what he has saved. I will pay for advice at the time on how to protect any gift from any future divorce if he marries.

The best thing any parent can do is teach their children about money. But they have to have that knowledge themselves.

I didn't get anything from my parents. They didn't get anything from their parents either. It isn't common in my circle. Nobody expected it either.

If I could afford it, I would help DS but I can't, I don't know anyone who could either!

I don’t know yet, it’s a long way off. Upwards of £50k I expect. She has about £20k now and she’s not quite 5. If she is still the only grandchild on both sides she will inherit a fair bit directly and indirectly.

Millions rent in Europe but they have far more rights than we do in England and rent is not as big a percentage of income as it is here. Unless you have a council house , renters here get screwed over and that will never change as too many politicians are landlords and so will never give renters more rights.

There are lots of ways to help children buy a home with a partner / spouse and still protect your share of the payment in case of divorce. Most Indian families do this quite successfully in the UK.

We have three. We live in Essex. The only way we can help them is to downsize once we have paid our mortgage. We may inherit so that could also be used to help them. They will all have good jobs so that will help too. I would t worry about it too much if your dc are young. Just do what you can. Some kids won't get anything. The best thing you can give is a loving stable home life. That sets them up for life.

Just because I can't see me giving my son any money. Still have a big mortgage myself which hopefully we will get down next year if move. I do obviously love my son and he knows that. Never had any help with money either.

Do you mean money for living expenses at uni, or the actual fees? If it’s the latter, would it not be better to give them that money as a house deposit and for them to take out a tuition fee loan like most people have to do?

Apologies if someone has asked you this already!

I am fully prepared to downsize to a less desirable area so my children can in the future raise their children in a nicer area and have the security of owning a home. I don't earn loads but have been lucky with price rises so have considerable equity which unless things change drastically is unlikely to happen to my children, even a fairly well paid job won't pay a mortgage in a nice area.

Whilst I hope they earn well, I'd rather them enjoy their chosen paths whatever they may be even if they could earn more in a career they don't enjoy as much