Did you have any parental help when buying first house?

[forceofagreattyphoon]

Obviously inspired by all the Kirsty allsopp stuff about buying first houses.

Did you have any help from parents or partners parents in any way?

We didn’t get any ‘direct’ money but were only able to save a deposit by living with my parents for very-low rent for 2 years. So technically they did help a lot financially with the process. A lot of people wouldn’t have this option so I am very fortunate and wouldn’t have been able to do it otherwise.

I’d say about 80% of people I know my age (late 20s-early 30s) have all had some form of parental help when purchasing their first house. Ranging from the whole deposit gifted or help with all the fees.

No financial help. We bought a small flat about 6yrs ago, then 1.5yrs ago we sold it and got a 3-bed. Not our perfect house but it's what we could afford!

I have friends whose parents paid their rent, mortgage deposits and car deposits.

No direct money as we got a 100% mortgage and the valuation of the property was such that we could add any legal fees to that.

They were guarantors though.

Not sure 100% mortgages even exist anymore!

No help, but it was in the 70's and I worked two jobs to save the deposit. I bought on my own as a single woman, quite unusual at the time.

Fast forward and we gave our daughter £50k as a house deposit, passing on an inheritance from my parents. Glad to help them, we felt it was a good use of the money.

No.

My dad gave me 8 grand pretending it was from him but it was actually what my aunt left me I could write a book about that man's bullshit.

No, we had no help at all .

Neither did we help our children when they bought homes.

Yes, from both sides, would have never been able to afford the replacements without a large (30%) deposit.

No
I got kicked out when I was 16 and hsve had to house myself since then. I managed to put myself through university but have never managed to save a deposit as was unqualified and in low paid jobs as a young person so most of my wages went on rent in a house share. I’ve always worked full time or studied and worked.
I do roll my eyes when my friend who own homes and lived at home til mid 20s or were given deposits tell me they have their homes because they ‘worked hard’. Like I didn’t.

No help. I bought my first place alone aged 25 having saved the deposit from working after uni and post grad in the 00s and always bought alone after that even when in relationships. It has served me very well but I realise I was lucky in that my profession pays relatively well upon qualification but I was single minded about limiting renting and not buying with boyfriends/STBEXH who wasn't great with money so always kept everything separate. It would be easy to tell myself I'd worked hard, been wise, and was solely responsible for having a nice home for me and my children, and that's true in one way, every penny has been earned by me. But I was also lucky in the sense of being good at passing exams and my chosen profession paying well, so I'm not sure that isn't just a different version of being luckier than someone who is good at stuff other than exams, or who works just as hard in a lower paid job.

No we have not had any financial help either or directly or indirectly from parents or IL’s. I am mid 50’s and we live in the North since I started working part time at age 15.

I was given £10k by my mum. About £6k went towards the house and the rest on debts. We saved up the other £9k ourselves so we had £15k in total.

No, in fact I took out a second mortgage so they could have somewhere of their own!

Not a penny, but I bought my first house in 1982 and got a 100% mortgage.

Many of my friends have kids in their 30s/40s and not one of them of has been able to buy without help, despite many of them having well-paid jobs. An older friend, whose kids are in their 50s, didn't help them financially but they both had professional, well-paid jobs. My DSS (31) bought a house at 21, thanks to inheriting a trust fund from granny that was 3 figures.

A niece, 26, is about to buy her first flat with her partner, but they managed to save loads because they've remained living with parents so that they could save, and because they're buying in a relatively cheap area on the very edge of London.

Another niece, just 20, is not going to leave the family home until she can buy. She opted not to go to uni because she didn't want to be saddled with debt, works all the hours she can and has already saved £15k towards her first house. She also saved £10k by the time she was buy her first car by the time she was 18. She doesn't go on holidays or out clubbing, and runs her own online business as well as working full-time.

I think once most young people are paying rent, it's really hard for them to save a deposit. Rent and student loans take such a lot of their income that house prices are constantly outstripping the amount they can afford to save.

I’m in the process of buying a house now, and we’ve received no help from parents. My partner have rented a flat together for 4 years whilst we saved for our deposits. No cash from parents either, we’re doing it all on our own.

Though, my DM said she’ll pay for our fridge freezer as a congratulations gift once we’re in. That’s going to be such a big help! :)

No, we didn't have a penny towards our first house and I'm pretty proud of that.

However, we have had help later from dh's parents to help fund a loft conversion when ds2 was born and we couldn't afford to move, and again to help us move up the property ladder.

This was after retirement when they sold the family home and wanted to gift some money out whilst it was useful to us rather than waiting until they died (and yes, to sidestep some inheritance tax)

Nope we had our own deposit. All furniture was 2nd hand (cooker was 3rd hand) apart from the bed. Had no lounge suite or anything like that but this was back in the '80s

We are probably fairly typical of the people inheriting our parents' estates now. We are in our late 60s, and on course to receive about £100k. DMIL was 93 when she died. We have earned what we need and suddenly, that is not life changing money. It will help us to help our child have the security of a roof over their head whatever happens.

Not a bean, but it was a lot easier to get a mortgage back then.

No. My father died when I was quite young and my mother wouldn't have considered helping me.

Helping my DC is a priority for me.

No, none at all.

I didn’t have any financial help but i did live with my parents in my early 20’s (paying digs and working) while my partner and I saved up for a 10% deposit

No and neither did my eldest son.

No. I’m 52. I only know one person who did.

No help, worked for everything ourselves.

No help, but I'm not naive enough to realise that 20 years ago I was able to buy a decent flat in the middle of a city for 100k on a 95% mortgage on a grad salary.

Which is just impossible these days.