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.

£100 per month from birth would be worth £21,600 without any compound interest. Have you been saving it in an account with 0% interest?

I’m saving £100 per month which will be worth £46k when my son turns 18 based on future 5% growth (it has been doing much better than that to date). It is saved in a stocks and shares ISA.

One is a lawyer, the other works in marketing.

I'm planning to buy them a flat.

I do want them to learn to work and value money etc. But I feel that house prices have become so separated from wages that people are trapped paying enormous mortgages on properties that aren't anything particularly special, or spending a huge amount of income on rent.

Leaving not much room for thinking about career satisfaction, long term planning or even just enjoying your life - which I hope to free them up to focus on

MN is so far removed from reality on this - I really hope this thread doesn't make people feel like shit parents because they don't have 40k put aside for their kids 😞

Everyone's reality is different though.

I didn’t ‘need’ the child allowance money so I diverted it into their accounts - plus there were grandparents who were able to give money
So hopefully there will be around £20k each.

not everyone can afford to save for their kids tho I’m aware I’m very fortunate

How much

Depends when our parents die and what, if anything, we inherit. Live in London so the amounts needed even for a deposit are big. I would like to be able to give £50-100k each but can't afford to compromise our own financial security in old age.

@skippy67 the majority of children aren't being given 40k to put down on a house, though.

I'm just saying that people should take threads like this with a massive pinch of salt and not feel horrendously guilty because they haven't gone thousands and thousands of pounds put aside for their kids.

We don't have a specific amount in mind, we have 2 dcs under 7 so it feels like a long way away. We have investments in out name only and we'll decide how much to give them at the right time. It will be a large amount as we are in London and I'd be sad if they felt they had to move further away to afford anything. We're happy for them to live with us for as long as they want too.

I’ve nothing to give them, I’ve been a single parent since 2011 with no financial support from their dad. Even I haven’t been able to buy so rent a council property which means I have no future investments for them either.

The best I can do is make sure they have a roof over their heads when they need one.

So you agree with me then that everyone's reality is different. 👍🏻

Everyone's reality is different and there are replies on this thread that reflect this!

My kids have friends who have inherited from grandparents and bought out right and others with no help at all along with everything in between.

Nothing, he has a good job so can afford his own house deposit

As much as they need. We have rental properties that should be worth a fair bit more by the time they're adults and could either offer them one each to rent out or sell.

I guess, if you're willing and able, you give what you can afford.

DD knows we have approx £10k saved from birth towards a possible wedding or if no sign of that purchasing a property on her own.

Also, we've since said we've got an additional £5k earmarked towards a car or when she buys a property.

If she stays with her present BF though, I don't think they'll need the money for a deposit from us as she's said they're currently in a position to purchase something around £300k together. Around here that'd get them a two bed terrace, three bed council house or (just had a look) and there are some three beds in what'd be a pretty good location for them that I'd consider myself if that was my budget.

Managed to save about £15k for ds1 and ds2, plus their CTF of about £3.5k. I'm happy with that.

Jealous 🤔😆

We have given two of ours £40k each and one more still to go

Not sure. At the moment they live at home rent free ( one working, one still in education but with a part time job). I wont ever charge rent. Both also happy to house share.

Nope. They can make their own way in the world. I raised them to be resourceful. I didn't get any help from my parents and just had to get on with it myself.

They'll cope.

I didnt get any help from parents either but times have changed.

£50,000

DSs each inherited £100,000 from an uncle. We gave them the same amount to help with house purchase/renovations. We have just arranged to pay off DS2’s mortgage, £37,000 and will make similar provision for DS1.
Better that they have this while we are alive rather than taxman grab it. Yes I know about deprivation of assets and the need to live for 7 years.

Nothing! I am paying for private secondary and giving them a good education.