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.

Similar. I had a bonus coming via work of about 3k but it wouldn't hit in time. I used credit card cash to pay the deposit until the bonus arrived. Different times 🤣

I used to think £10k would be enough!

Now I think the best I can do is to provide free lodgings so they can save.

We are saving £150 a month into an ISA but I only started when dd1 was about 9. There isn't really a concrete plan, don't know if they'll go to uni, don't know what our situation will be - can we work until we drop or will we need to take early retirement - just way too many unknowns.

£0

We've got small funds for each DC, but it's always been intended as a help to get them started. They can live at home & save. We are also considering passing inheritance from our own parents directly to them, but it won't be much.

I'm a bit cynical as I work in finance and see parents feel pressured to borrow against their own home, or delay or cut back on retirement plans for DC deposits. I'm selfish, and tired. I don't want to retire at 67.

We're aiming to save about £35k for each by the time they're 18 through a mixture of ISAs and savings accounts. They will be able to access the money in the ISAs themselves when they turn 18 which is why we aren't putting it all into ISAs. So they will have the choice whether to put that ISA money towards a deposit, or use it for things like uni etc.

DD is 20 months and I'm currently pregnant with DC2. We are starting early!

Downsize the house when the space isn’t needed anymore, should be able to give them maybe £100k each.

I'm really hoping that this thread isn't making some parents feel guilty if they can't afford to financially support their children in the way that others can.

Around 40k for ds1 and our small house is in trust for ds2 because he's disabled and we don't know whether he'll be able to sustain a job.

Nope, I don't feel guilty. I can't give what I don't have 🤷‍♀️

I suppose it depends on where I am in terms of my financial goals by the time they’re ready to buy

Yeah sorry it’s made me feel like stony broke shite tbh.

But, single parent trying to rebuild after divorce on a teacher wage. DC will still hopefully be better off than I was as a young adult.

Depends on what they need at the time compared to how much I have spare!

Depends on people income,savings etc …how long is a piece of string 🤷‍♀️Not sure what the point of this thread is TBH

We gave dd1 and her partner £15k and paid legal bills too. They're so happy in their lovely cosy 2 bed flat it was totally worth it.

Will do the same for ds and dd2. It's a bit more complicated now as they've all just inherited £20k from their grandfather, but they deserve the same input. We might also give them some of the money from the house dh inherited.

We have about £50k each for them but they have no idea

Late teens so dd 18 has recently started paying board (which we will probably give her back after a few years) and is saving over half her salary into a LISA and high interest savings

Ds 16 only has a Saturday job but has already saved almost £4k

Idea is we will match whatever they save, but we are not telling them that. Want them to think it's up to them for now

Wow and we wonder why children have no resilience these days.

We decided to go state rather than private as planned for 5 year old as objected to paying VAT. So I plan to invest the £20kish a year and give them that for uni and a deposit.
Assuming investment return averages 5% that will give them c£450k at age 18. I figure that will do them more good than a private education.

But I have no intention of telling them about it until they've demonstrated they're sensible with money and have a work ethic. Will require them to get a Saturday job etc.

Helping your child onto the property ladder will have no impact on their resilience. How does giving an adult a house deposit affect them as children? It's backwards. No logic to it.

No deposit money but we didn’t charge DS any board while he lived with us so he could save. He’s just bought a doer upper house with his girlfriend and DH (a builder) is doing work and not charging any labour and getting materials at trade for them. I’ve just been cleaning and holding stuff really, not much help but we’ve done what we can.

Nothing, I'm a disabled single parent. Ds got married 2 years ago & lives in a flat bought by his in laws for them, as I couldn't afford to help them in that way I pay towards what they pay them in rent. Ds is at university & his partner is recovering from 3 rounds of brain surgery, so is off long term sick at the moment.

shit if only it was as easy as “choosing a high paying career” none of us would need to be giving our kids anything.

good for them but I don’t think there are dc out there actively choosing average paying jobs 🤷‍♀️

i don’t know what my kids careers will be but I will tell them to choose a high paying career as then they can afford a house.

@Ohnonotmeagain of course there are! Anyone going into teaching/nursing/academia/the arts/charity sector/civil service/most career paths know they're not going to be minted 😂 There are obviously some exceptions but I imagine most people going into those career paths are not in it for the money.

I don't think we'll be able to help. I have three kids and I'm in the US. Realistically college (undergraduate) will cost the best part of $150k each. That will wipe us out. Housing they can figure out themselves!

I won’t be able to give mine anything sadly. It does worry me.

I have 3 (2 unplanned) and have not had the resources to save for them. Some months I can barely make it to the end 🙁