How much do you plan to give DC for house deposit?

[Notmycircusnotmyotter]

As the title says. If you're able, how much do you plan to give your children to help them buy a house when the time comes?

I'm in the SE so really you need £50k min. I think. Trying to plan ahead.

I gave my oldest son £40k then paid the solicitor’s fees and furnished the flat.

Mine will each have around 20k in their JISA's when they turn 18, which will hopefully be kept towardsa deposit (were NE, so if they stay local it goes furtherhere). We should be able to also suport some uni experiences from our day to day budget as our own mortgage will be paid off by then, but it would depend what exactly they choose to do, so they may end up dipping the savings.

We will be able to give DC a decent amount towards a deposit but this is only because DH and I have both received inheritances from our own parents over the past couple of years.

We had a few £000 saved up over the years to be used towards university or a first car (or similar) at age 18 which he hasn't needed to use yet so will have this as well.

DS is 20 and we saved £100 a month from birth into the CTF. He got around £32K at 18. He reinvested all of that and then started saving and investing himself - we did add to it a bit as an incentive to get him saving (matched savings for a while). In total I think we have given him £40K so far that could be used as a deposit, and he has invested it well so worth a fair amount more now.

When he is ready to buy we are in a position to help him more with that but it will probably be in the form of a charge on a property at his age (we'll take advice) + paying legal fees + basic furniture/fittings etc. We could afford to give him the money to buy a home outright but we definitely won't be doing that or telling him we could for many reasons. Certainly never expected to be in this position when we started saving for him all those years ago (or house prices to be SO high now).

They've got TWO kids though, for your one. So £100 x2.

I've no idea what I'll do about DS, he's got reasonable savings but I can't imagine him leaving the security of home for a long time yet. NW Eng so house prices aren't as high as SE.

My mum took out a loan for £2K on my behalf so that I could put down a £1K house deposit and £1K for the installation of central heating. House was tiny two bed terrace in a rough town, bargain price of £20K (in 1998). Those were the days...

No idea, see how much their education costs first.

Ah I dunno

£50k each maybe. We will see what the housing market is doing and how much each child has saved

We are in NI so you can pick up a 3 bed new build in a decent area for around £220k (just did a v quick Google)

Long way off for us - DS is 10 and DD is 3 but we have the money locked away in long term 5.8% savers for them in the meantime

We also own a 5 bed home so plenty of room for them to stay on as young adults to maximise their saving

My plan is dependent on circumstances.

like you I want my kids to have an “exit”.

so if they’re married I won’t be giving a deposit, I will be putting the money aside so if in future they need it to get out of the marriage they can.

if they’re buying on their own or with a partner I would want to look into ring fencing it somehow. No idea if that can even be done. With a partner it could be tenants in common, but then if they marry would that effectively make that useless?

so while I will be hoping to gift them money, i may look at other options like paying off student loans, or something like buying a small flat in trust they can live in or rent out.

My son inherited half of my parents house and estate so he so he used around 150k as a deposit
he has around 40k left in savings and he also bought a car and went of a 5 week holiday of a lifetime to Thailand / Asia with his partner

I have given them around 10k to buy furnishing / small stuff on the house

Sadly given we are over 40 and very much still saving for our own house deposit I doubt very much we will be able to give them anything.

We gave him 40k when he bought a few years ago. He now has a not very nice flat, with tbh not much hope of upgrading unless we give him more, which I guess we will do if we ever inherit.

None. They live rent free in my house until they can afford to pay their own

As it stands, we could give them about 150k each. Both are under 5, so still many years off. And equally our own financial situation could change.

I need to open DC2 bank account but DC1 has about 5k in savings, for future things like driving lessons etc.

I'd love to be able to help mine when the time comes, but unfortunately as things stand atm I won't be able to. There's a chance of an inheritance from my parents one day so IF it comes I'll gladly help them with that, not sure if amounts though as it'll depend what's in the pot. Otherwise they can live here and save. Eldest will outearn us as soon as she graduates, hopefully youngest will too.

Problem with ‘they can live at home and save’ is that if the jobs they get aren’t based somewhere they can commute to, they’re either forced to rent indefinitely or take low paid work. Neither option is ideal.

No plans to at present. In London

We're in the SE. Our plan is to downsize when the kids have grown up, probably move somewhere cheaper (Somerset, Devon), and free up around 50k each for a deposit for them. They can also stay at home rent-free to save. If we get any inheritance, most of that will also go to the kids. We didn't get any help from our parents, but I think they'll need money from us if they're ever going to get on the property ladder these days.

We gave £50k as a deposit, passing on some of my inheritance from my parents. Recently we gave her another £50k from some equity from our 'downshift' type house move. Very wary of getting into deprivation of assets territory as we age, so we decided to give her it now, while they have young children and it's useful for them. Very mindful of that fact that circumstances could change for us in the next ten years or so, if we needed residential care which could wipe out her inheritance. Scary thought!!!!!! As she's an only child, it makes financial planning a bit easier.

when i bought my first flat in 2006, age 30, I was very fortunate my parents gave me £50,000 which was about 20% of the cost so I guess I will try and give a similar percentage in 10-15 years time when the children are around 30.

My partner's family gave him slightly less and so we had the lawyer draw up a document setting out the different percentages we owned in case we split up. Its not just the buying of the house but also the stamp duty, lawyers fees, removal costs and costs of furniture ete etc so it was all really useful. Our second house we bought 50/50 as we reasoned that having been in a relationship for 20+ years we could be equals!

Similar but not rent free. I'd take rent from them but put it in savings. They can have it back if they buy somewhere.

Unsure yet but will be done so is protected if he lives with a partner. He is doing a degree apprenticeship, in his final year and has saved a significant amount of money and has a LISA. We will probably match what he has saved. We were given nothing by either set of parents but bought in 1999 and it was an entirely different housing landscape back then. We bought on just DH wages.

Nothing.

I have a friend who didn't give her son a deposit and told him he'd have to make his own way when he was an adult at 14. By 17 he'd started an online company and sold it for a profit, now started another one. He's already got his house deposit.

It means more if you earn it yourself and everything you learn along the way. My friends who were gifted houses or big deposits in their early 20s have no concept of the value and don't appreciate what their parents did for them.

We chose to live where we live because it is a city near other cities with excellent rail and motorway networks mainly for Dh for work opportunities but also because we knew it gave our children the option of living at home whilst working their first jobs.

When Ds did his summer internship for uni he only applied to companies in our city rather than where his uni was. He graduated and now lives at home rent free and works for that same company. He is saving hard. Money from his CTF and our savings for him went into his LISA and he maxed that out every year since 18 moving the money to the LISA as the tax year rolled. He is now on a graduate salary so he is now saving via other means as well as maxing out the LISA.

As for a deposit we won't be able to give them any money, we are still paying our own mortgage for a few more years and our savings are going into overpaying that whilst on a very low rate. However, by the time Ds has saved enough to move out, Ds2 will be done with uni and we will be in a position to help with funding reno costs and furnishing and decorating.

We were not given any help to buy our first house, never received any inheritance either. If that changes then that might change things.

It’s been in a stock and shares kids ISA. I think it has done well.

Zipadee do dah. I'm putting them through private school and will be retiring as they go off to uni so they can wait for me to pop my clogs as I'm going to have to live off the equity in this house so they can have what's left in due course.

[They will undoubtedly have changed their minds by then and would prefer to have gone to a state school and have had the cash instead]