DP being gifted £300k as FTB

[Raraoh]

In a fairly new relationship (1 year) and DP early 30s is house hunting and wants my input. Just found out his budget - he is a FTB, London-based with a 300k deposit. Genuinely gobsmacked.

Poor guy loosing his parents so young.

My suggestion is he should hold off for a year and see how your relationship develops. I met my DH in our early 30's and were married in 18 months.

If he's buying as a single guy his needs are different to you buying together as a couple or potential family home.

Given the cost of moving, estate agent fees, lawyers fees, removal costs and stamp duty he doesn't want to do that twice.

Dolores OP's partner lost his parents 20 years ago. The money has been held on trust and parcelled out to him over the years. There is no need for emotive words like orphan. He is a man in his thirties buying a house in London with a large deposit.

I read it as a gift at first. OP should have said that he inherited his trust fund or something.

Not sure if OP posted wanting property advice or if she wanted people to somehow react to her shock

Also, not getting what is so shocking.

My two bed flat in zone six with excellent transport links was £400k and it's very nice. Lovely flat and not 'stabville'. 🙄🙄🙄 He'll find somewhere and it's nice he wants your input!

surprised he is only borrowing 200k when he has 300k deposit and a city job.

He needs to work out what he wants. One bed. Two bed. Outside space. What transport does he use?

If I was a 30s guy looking for a pad I'd probably go for a one or a two bed in wapping if I were him - there are a few on RM for

Loads of people will recieve inheritances of this sum and much much more given property values.

Added to which, in London £300k is a decent deposit but nothing of significant interest at all. Estate agents won’t bat an eye when they hear the deposit.

He works in the city but I missed it - did the OP clarify salary?

He could be an underwriters assistant on £26k a year. That’s not going to get you very far in mortgage terms!

She said he was borrowing £200k so I guessed he was borrowing 4x salary which is pretty standard particularly with such a bit deposit. If he can borrow more and earns more I think he should go to the max he can but I like the suggeston above - if this relationship is going to work out hold off and then buy the family home (or flat if they want to live in the City) in a year or two once the path of true love is clear and as his girl friend thinks £200k is a lot of money (it isn't) he should perhaps ensure they just live together with a cohabitation agreement rather than marry (if I were he although the other way round if I were advising the other way round).

Talk to your partner and explain to him your reservations in helping him. Buying a house is a frightening prospect for some, especially FTB.

Your partner has been gifted a large sum of money in terrible circumstances and wants the support from you to do the right thing with it i.e buy a house.

I was gifted £350K after the death of my father. It was scary to receive that sum of money, which I used to buy a house out right. Fortunately I had the support from my (now) husband to be able to cope with the receiving such an amount in difficult circumstances and in finding and purchasing a home.

goodness it's like getting blood out of a stone

if you don't know how you feel about it, you could have said so first time

so what's the worry? Are you jealous? Are you just freaked out that some people have that much money? Are you concerned about an imbalance in the relationship?

Are you going to move into this new house?

Just act as a sounding board for him
. Focus on what he says he wants to buy and help him find it.

I’d wanna tell Someone too! I don’t blame you at all for coming on and telling here!

I know some ppl that have a lovely Victorian 3 bed in Walthamstow area, both work in central London, neither drive so transport must be no problem, afaik they bought for 500k a couple of year ago (so it’s probably massively more now! Lol! - but maybe the area is worth a look :)

£300k .. Won’t go far in the London market.

Bloody hell! 'Gifting' is actually quite an appropriate term in the context of inheritance. I hope this OP is real because I'm going to share my own experience. This last tranche of money being released may have triggered sadness in the DP. I've inherited a good deal more but it's due to the sad fact that all of my family are gone. Brother, father, mother and well loved aunts and uncles. Ignore the sneery people. Xenia has given some very considered advice. Good luck.

Good grief, some of you are just plain nasty.

OP is having a bit of a head fuck day and needs to download.

OP I can totally get why you wanted to post.

I always find it a shame that the bitchy people are normally the ones to comment first one posts. Like they sit there waiting to pounce or something

Just enjoy the journey. Help DP figure out what he wants, and help him house hunt. Don't overthink it, just have fun.

wow that's a huge deposit for a FTB- presumably it has been gifted by family/inheritance? how lucky he is.

But will you be living with him, paying towards living costs/mortgage?

I suppose you could give ideas re what kind of property you like, but it's all bit pointless maybe if you're not going to be living there.

sorry not RTFT

Can I challenge you in a different direction? Do you feel that him buying his OWN property will change the dynamic of your relationship? When I met my now ex we had been dating a similar time to you and he began to talk about upgrading his property. We both owned separate places at the time. It changed the conversation and ultimately our relationship - because we ended up buying together. It rushed our relationship.

Gifted is a the correct word in an inheritance context. Look it up!

Also, contrary to most peoples’ views on this thread, the London market is experiencing a slump at the moment and it is a buyer’s market. Your dp is in a great negotiating position. Areas that I would recommend in London Highbury, Highgate, Crouch End, Bermondsey, London Bridge - people referring to London as ‘stabsville’ etc. are bitter, as I’m sure you have already established.

Good luck op.

Wow you're all being so bitchy towards the op. I hope you all feel so big and great about yourselves now .

Wow he could give up work for the next 10 years and buy a house outright in the north (based on my house under £100k and a £15k part time salary).

300K is the deposit people, not the overall budget.

FFS - keep up.

Sorry to hear of your DP's circumstances OP, mixed feelings I guess x

I'm happy for him. I was a bit weirded out when I discovered a number of cousins had the same sort of thing. Money at 25, 30, and then some every year. They never get the capital though as the Trust Fund has to include all offspring forever Not sure how that works really, but the capital must be enormous!i can see that to find that your dp of a year, who seemed completely normal, suddenly came into that much money and was from the sort of back ground where a Trust Fund actually existed, well it does take a little getting used to.

When my parents decided to downsize,ntheir estate agent told them to make a list of the 10 things they wanted most in their new place. Mum said they included spare room, small garden, lots of light, central heating etc. The agent said if they saw a place which ticked 7 of their most wanted things they should consider it seriously.

That's really the only advice I can give. Hope it helps.

I would go East London for value for money either nice apartment in areas like Wapping, East India Dock or a solid Victorian in somewhere like Leytonstone or a bit further out ...Essex??