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AIBU?

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Original poster

Did you have any parental help when buying first house?

499 replies

forceofagreattyphoon · 07/02/2022 14:37

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.

OP posts:
MedusasBadHairDay · 07/02/2022 14:51

Yep, definitely couldn't have done it without help

SliceOfCakeCupOfTea · 07/02/2022 14:51

Yup. We got loads of help. Deposit was gifted by both my DPs and PILs. They both said it was an advance on our inheritance. As we had to fully renovate, they both helped out with the renovation work, looking after DS while we did the work, going up to the house to wait on contractors to do some pieces here and there.

Basically without them we'd still be in a crappy little one bed flat pissing money away to our greedy landlord. And we are eternally grateful.

Useyourfork · 07/02/2022 14:51

No, but I did get 102% mortgage.
I would never be able to without it. I feel so sorry for the 20 somethings now especially without parental help. There seems no escape from the poverty trap if you don’t have parents that can financially support you. 😕

RoseMartha · 07/02/2022 14:53

No but we did use money which had been given to us as wedding gifts ( even though we had not asked for money as a gift option), as a deposit. This was also about 25 years ago when house prices were much lower and so was the required deposit.

jb7445 · 07/02/2022 14:53

This reply has been withdrawn

This has been withdrawn by MNHQ for breaking our Talk Guidelines.

Thoosa · 07/02/2022 14:54

No. It took a very long time to scrape together the deposit. It was like trying to hit a speeding target. I nearly gave up hope, had to relocate 150 miles and still live in a fairly modest place.

ISeeTheLight · 07/02/2022 14:54

Yes, my DF gifted us a large amount of money. We probably could have bought regardless as we had saved quite a bit too, but it meant we had a 25% deposit instead of a 10% deposit.

Scbchl · 07/02/2022 14:54

Yeh my dad bought our house then we bought it off him ten years later for below market value and never needed to pay a deposit

HairsprayBabe · 07/02/2022 14:54

Yes half the deposit (8k) as a wedding present from my parents, plus 2k from my grandparents that went to fees etc. Could have just about afforded the house without them just wouldn't have got as good a rate.

Bought in 2020 in a cheap midlands town.

Avarua · 07/02/2022 14:54

I bought my first property (a rental) when all you needed was a 1% deposit and a fancy job title. I was a 23 year old landlord. With no clue.

heyitsthistle · 07/02/2022 14:54

Yes, I did. It made a big difference, and I stayed with them for a couple of years to save up, too.

ComtesseDeSpair · 07/02/2022 14:54

No, beyond a couple of thousand gifted for new furniture after buying.

Loads of people, even younger people, buy without parental help. I’m in London and have a number of friends in their mid thirties still living in shared houses so they can get a deposit saved together. It’s not ideal if people want to have DC (though virtually none of my friends do, hence why they’re prioritising deposit-saving and sharing over moving into their own rented flat) but it’s also not impossible.

DicklessWonder · 07/02/2022 14:55

Nope. Bought at 19 (late 90s) having moved out at 17 (and therefore paid rent etc). I’d been saving since I got a job at 15

Salary was £8k. House was £40k. Sold it 8 years later for £125k.

Should be mortgage free (6 bed detached house) long before I’m 50.

loulou2012 · 07/02/2022 14:55

No support from anyone, we lived very frugally to save for a deposit and finally managed to buy a small flat

hangrylady · 07/02/2022 14:56

No but this was back in the days when you could get a mortgage with no deposit.

PrincessPaws · 07/02/2022 14:56

Nope, none at all but we were late 30s before we could buy

mommybear1 · 07/02/2022 14:56

No my DF did not want me to leave Grin
DM had passed away some time before. I was fortunate as I had a good job and it was at a time when mortgages could be taken out at 5x salary.

Whammyyammy · 07/02/2022 14:57

No. BUT have helprd my kids with deposit and intend to pay off a chunk of kids mortgages in next 5-10 years, in hope they can assist GC

spudjulia · 07/02/2022 14:57

None. Although I bought at a time when there were 100% mortgages so didn't need a deposit. That was enough of a leg up - I don't know how the average person can afford to save for a deposit these days.

ThatPosterIsSoRight · 07/02/2022 14:57

No. But I’m late 40s, bought first house in 1999, and was earning more than my DF.

Lucimaya · 07/02/2022 14:58

No.

First home was a 3 bed semi. I was 20. We did get a fridge freezer from my parents and a washing machine from his though!

nordica · 07/02/2022 14:58

Inheritance yes, my father died when I was 21.

Newgirls · 07/02/2022 14:58

It would be more helpful if Ms Allsop would say
‘Hey boomers why not give your grown up kids some of your equity’

And recognised how many over 50s and beyond benefited from various boom years

playthatviolin · 07/02/2022 14:58

FIL gave us £1000 towards a deposit, that was 30 years ago. More recently we gave Dd £25k, she had saved 10k herself so that was enough for deposit and furniture on her first house. Tbh, to get her own place the only other way for her to save enough would've been to move back in for about 3-4 years so giving her the money was preferable!

GoldenGorilla · 07/02/2022 14:59

Yep. Inheritance from a grandparent paid the deposit on my first place. Mortgage was lower than my rent had been, so I was able to save and gradually move up the ladder. I honestly don’t know anybody who bought their first place without some family help (I’m mid 40s).