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.

Can you rent a van for weekends away; and then you only pay for what you use? Would prioritise supporting kids to get on housing ladder over holidays though

She's not funding a life or death scenario here. She's helping him get in the housing ladder. She also said he's got £40k saved himself do he's going in with a deposit of £80k - that's huge! The vast majority of people have to save for a mortgage. Why can't he? If parents want to support a child in this, that's fine but remortgaging your own home is pure stupidity. And if the son allows it he is a fucking awful son!

I love how many ignorant boomers are commenting here, seemingly oblivious to the financial reality younger generations are facing while sitting on properties that have skyrocketed in value.

Good on you — you sound like caring, switched-on parents. We’re already planning to ensure both of our children have a property when they’re older, because thankfully we’re realistic enough to see that things are unlikely to get easier.

We’re incredibly fortunate to own our home outright at a relatively young age, and I just wish more people from older generations showed a bit more empathy and understanding about how difficult things have become.

P.S - we love camping! Don't have a van, hired one last year but figured tents actually give more space, so we bought an old Volvo with a roof tent and are using our big tent in addition to do our annual trip to Scotland over the summer. I'd just recommend ensuring comfy sleeping arrangements - roof tents are surprisingly comfy!

Got a brilliant inflatable free standing awning (like an event shelter) and lots of kit.
seen a 2011 transit with 60k miles, mostly converted but no kitchen which is fine, I don’t want one , £7000
might have a look

Does your son know this is how you're funding the contribution? I'd be gutted if I found out my parents gave up something they really enjoyed or jeopardised their financial security for me. Totally different to if you just had it spare. Get you're in a hard place if you've already helped one but I'd be considering if you could maybe pay off some of his mortgage in a few years or something else equivalent instead once you'd saved up if this is earlier than planned.

Assuming it has to be now I wouldn't go with a tent if you enjoy the van, tents are a pain in comparison and suspect you'll find yourself going away less often if you're used to a van.
No experience with micro campers but they could be a decent option. Camper vans are so expensive though if you really like it I'd keep it and make it work, there's no guarantee you'd be able to afford to replace later.

@DisforDarkChocolate you don’t need to. Irrelevant to the post.

Don’t do it! We sold our splitty and I still miss it.
We have a transit and it’s just not the same!

Awww really?
what do you miss?

Keep the VW camper van.
Make more memories, you will honestly treasure them forever…
Brewing a pot of tea in a campervan, when it’s raining is way better than the alternative.
(username 😊)

Then tell him he can't have the deposit early. It's a gift, it's up to YOU when he gets it, not him.

There is no way I would remortgage to give a deposit to a child like that. If house
prices fall, that money is all gone for both of you.

That's nuts. if he can’t afford it he can’t afford it.

Let him use the campervan to live in during the week and you go off in it at weekends and he can stay in your house at the weekends while he saves. Dont draw more debt on yourself.

What the hell kind of flats is he looking at where he needs an £80,000 deposit?? Hardly a 'starter' property

AND

If he gets accommodation with his job, what's the hurry??

He has accommodation with his job.

Thanks OP for giving me a good idea of what to do /not to do with gifting deposits. I think I will work out what I can afford at the time of giving the first gift and then split it between all children. I’ll put away the second and third until needed and gift the first child who needs it. If I can afford more later then each child gets a top up.

Way less stress than this way! I really hope you find a way to keep your van 💕

This is like a fever dream.

Eh? You do not need to pay for you adult child to have a house, especially if it impacts you.

Some of our friends have tent boxes that sort of go on the roof of the car….. no idea of cost though…..

Yes that’s worth a look, apparently the beds are really comfortable.

Why not sell the van and hire one when you need one?

£400 a month is a pretty different beast from £400 over 4.5 years which is what I read your OP as! £4800 per year. That seems a lot to me - I don't spend that much on holidays in total.

Edit, posted too soon: but to be clear, you don't have an obligation to give him a house deposit though I can see it's a bit of a mare if you have the eldest one. If he has accomodation with his job could he a) wait a year or two and you save as much as you can or b) buy without your help and you pay a chunk off in a few years when he needs to remortgage?