To ask for advice with a financial/camping dilemma?

[Twoshoesnewshoes]

I didn’t know which category to put this in! Would especially love to hear opinions from seasoned campers and vanners.
we need to release money for our sons house deposit. We don’t have it all so would remortgage for some of it.
we have a VW campervan which we could sell
basically the financial difference between keeping or selling the van would be around £400 over 4 and a half years.
just writing it out here it seems like a no brainer!
but we do love our weekends in the van. Anyone switched to a tent from a van and kept their relationship intact? We tend to just do weekends.

This is so true! We often go away for one or two nights, and we just wouldn't have done that with the tent! We also camp all yar round, which we definitely wouldn't have done in the tent

It's a head Vs heart decision. No one owns a VW campers for cheap holidays, they pay for the van life experience. If you're remortgaging anyway I'm inclined to think you can't afford to keep it. Me, I'd prefer to spend £400 on a weekend away 3-4 times a year and free up the other 8-9 x £400 p.a., but that would not be the sacrifice for me that it would be for you. Maybe there is a sleep pod alternative that might work for you. You can even get conversion kits for estate cars. But I wouldn't go back to a tent, and I'd worry you'd never get your VW back.

If you must remortgage, get very good life & critical illness cover.

I wonder if it might be more sustainable to help your son out with his mortgage payments rather than giving him so much upfront, that you don't really have to spare.

I havent read the full thread but I am commenting as a Conveyancer. It is lovely that you are doing this for your son. One thing to keep in mind is, as you will be providing a gift, the conveyancer will be required to evidence the source of the gifted funds. If you are remortgaging, keep any paperwork to confirm this and in an ideal world you would receive the remortgage payment in an account set up for this purpose without any other money (other than the van money if applicable) being paid into it. If there are other monies into the account you will be required to evidence the source of those monies. With regards to the van payment, keep paperwork/receipts and ideally sell it to a business and receive the payment into the account above. AML regulations are a pain, and if you do the above it would limit the huge admin burden you may otherwise have.

Is your son aware of your financial position? I would feel absolutely terrible if my dad sold his beloved camper van (or remortgaged his house) to give me money - even if a sibling had already received help. It’s the last thing I’d want - I’d rather my parents enjoy their well-earned savings. Talk to him, tell him you want to help him and are saving but only have x amount so far.

I would sell the van, reduce my monthly trips away to every other month and stay in nice hotels instead of a tent.

I’m a bit tight/strict on this sort of thing. Presumably your son is living with you currently, is working, and has a pretty cheap cost of living. He should be using this opportunity to save. Is he out spending and enjoying himself then you’re going to sacrifice something you love so that he doesn’t need to? He needs to learn that you need to save if you want things

I would rather sell the van than take out a 400 a month mortgage for 5 years

The money you save by not paying site fees etc can go towards other weekends away

or buy a doer upper caravan there are many on the market

I’m going against the grain here I feel but I agree if you give to two children you must give to the third! I would be crushed if my parents gave a deposit to my sister but not to me as they had bought a camper van.

However, the timing is another question is there any wiggle room in when he needs the money. Can he wait a year?

Please make sure your investment is protected if your son is or gets married!

I love our campervan, we use it all the time.
I would rather not go away than sleep in a tent.

Why do you need to release funds? If you haven’t got it spare, then he needs to fund it.

Yes because every young person has 40k lying around

My door neighbour rents his VW camper for 1500 a week could you do that fro a few weeks to get it to pa for itself

We have a micro camper - Peugeot Partner with a boot jump. It's our only vehicle. We have a decent tailgate awning which I think is essential - sitting in the campervan is cramped and there's nowhere to put stuff while in bed mode.

Other downside of this set up is the lack of inside cooking facilities. But we love it.

He has accommodation with his job, has saved really hard and will have similar to our contribution to put towards his flat

They save like many others did, including me.

Anyone else got a micro camper or done up their own camper?
anyone got an old camper transit?

OP I entirely get you wanting to help your kids with the deposit. As you have said this has come sooner than you expected. Does he know that?
if he has saved £40k himself, perhaps he uses that as his deposit now, and you help when he comes to move on and you are in the right position for yourself.

or he waits.

I think you need to start a separate thread for this question!

I can't imagine letting my parents do this for me. Savings if that was their long-term plan, selling things or remortgaging. I'd be mortified.

Does your son know your plan @Twoshoesnewshoes?

If it was me personally, I’d expect him to do more saving and then you will be in a better position in a few more years to help him with a deposit.

My family helped us with a deposit, but we didn’t buy til we were late 30s. In that time, we saved over £150k on our own and were in a very comfortable position to buy. Plus it wasn’t unduly taxing for them either.

Yes maybe haha

Another alternative - hire a van when you want to go on holiday? FAR cheaper than owning one and having all the running costs!

Remortgaging is absolutely batshit though!! What happens if you lose your jobs due to illness? Will your son help you pay your mortgage?

Yes. I have a converted Berlingo. Great for one, would be horrendous for 2 for any more than the odd night. In my opinion. And you’d still end up using a tent or awning.