Find out how Mumsnetters got help from their parents to get on the property ladder

[LucyBMumsnet]

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Getting on the property ladder can be an uphill battle for first-time buyers - from the financial challenges to the legal paperwork it throws at home seekers, many rely on help from parents to make it happen. That’s why we want to find out if you’re considering or currently purchasing or have already purchased your first home and how you went about it.

So we are asking you what help you received or are receiving from your parents, if at all, and roughly, when this was? Who started the conversation, you or your parents? Did you tap into the Bank of Mum and Dad and how did you do that - through their savings, using their existing assets or property, them getting a loan, accessing their pensions or another way? Was it in the form of gift, loan or early inheritance? Did you seek legal advice and formalise the process with your parents? If so, how easy was it to sort out the legal side?

If you could, how would you change the process of receiving your parents’ financial support when buying your first home? If you’re considering saving for your own children’s futures - perhaps so they can buy a home - what’s important to you?

Whether you have considered, currently getting on the property ladder or already have your first dream home, post your thoughts on the topic on the thread below. All MN users who leave their opinion will be entered into a prize draw where 1 lucky winner will get a £150 voucher for a store of their choice (from a list).

Thanks and good luck,
MNHQ

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When we bought our first home in 2011, we moved in with my parents so that we didn’t have to pay rent. We paid a small contribution towards food and bills. This really helped us to save up for a deposit within about six months. We bought the property without any financial help from either set of parents, but living with my parents definitely helped us to save up.

We now have two children aged under 5. I honestly can’t see how we will ever be able to afford to help them with a house deposit. Maybe if we can pay off our mortgage then one day.

I'm in the process of buying a shared ownership house with incredibly kind help from mum and dad - they're buying my 40% share so I only have to pay rent on the rest - rent will be £300 less per month. Thanks to them 💞

They gave me money when they sold their business and retired as my inheritance, meaning they don't have to worry about saving for myself and my sister. They are completely self made and worked incredibly hard for it, I feel like a colossal disappointment and failure by comparison. I invested the money sensibly in a property we did up and made money when we bought our (now) family home. I think this is the end of the property market as an investment for the future though, I appreciate how fortunate I am. The main thing it has allowed me to do is work part time so I can look after my daughter and try to study. Working part time helps with my physical and mental health too, which I have always struggled with.

My parents couldn't afford to gift us money but they helped by paying my car loan off and I paid them back over six months, so it wasn't held against me as debt on the mortgage application. They also let me move back in with them for 18 months to allow me to save more. This saved me approximately £700 a month which at the time was slightly more than half my salary, so it made a huge difference and was really appreciated.

My parents gave me 14k as a 20% deposit back in 2003, just before the market exploded. They bought up the subject & suggested they would be willing to help if I found a suitable house.

I think they had most of it in accessible savings, but they also took a bridging loan from my grandmother until some shares matured.

I still have my first home rented out & the long term idea is that this will eventually provide part of the deposit for my children's houses in 20 years time.

They weren't at all rich, but I am incredibly privileged to be born to hard working & generous parents.

Looking back, perhaps I would have been better advised to not ask my parents why they had wasted so much money on my education when they could have been saving for a deposit for me.

They did buy me a 'fridge, freezer etc when I moved in to my own house.

And then, my farther gave me a chunk of his retirement lump sum. Seeing the impact paying off capital made on my overall interest payments encouraged me to continue overpaying and be mortgage free by 40. Very useful to appreciate even with low interest rates we pay as much again in interest.

We saved up and borrowed £3k from each set of parents to scrape together the deposit on our first house. Instead of buying furniture when we moved in we prioritised paying back our parents in full within a few months.

My parents encouraged me to save from a young age and without that I couldn't have pulled a deposit together did for my first flat.

My dad lent me £1000

No financial help like a deposit or anything as I was already working in a decent job and they were retired. But my Dad gave me lots of help in terms of coaching me through the house-buying process - explaining mortgages, helping estimate on-going costs to work out affordability etc. It therefore felt a much less scary thing than it might otherwise have done - taking on what just seemed like a massive loan!

Once I moved in my parents came to stay (they lived 300 miles away) and did painting/ decorating/ put up curtains etc while I was at work . I was so grafteful.

My family are working class and with 4 of us there was no way they could contribute deposits. However we were only asked for £10 a week 'digs money' (mid90s) to allow us to save. My parents bought me a washing machine and let me take any furniture I wanted from my bedroom. DHs parents charged him £200a month to live there which was a lot at the time but he was earning well at that point so could still afford to save. We saved £5000 between us and ought a small house for £40000 in our early 20s. How times have changed! We have a few thousand each saved for our 3 but it's nowherenear what they will need.

My mum helped by letting me move back home after finishing uni to save up for a deposit. It also helped that my then boyfriend (now husband) did the same. We both save enough for a deposit for a flat then 5 years later we sold and bought a 3 bed house.

They gave me my first deposit!

My parents were both born into dire poverty and couldn't afford to buy their own house until they were in their 50s. My dad worked until he was 70 to pay the mortgage.
They were in no position at all to help any of their children get on the property ladder.

DH and I have never had inheritances or large cash gifts.

Nothing, didn't offer and wouldn't ask

We saved very hard and I do feel a bit bitter that they've let my sibling move back in at nearly 30 to help them save

Nothing at all, my parents struggled with their own existence.

When I started working my dad said to me, 'you can keep your first wage packet, but after that I want 50% of everything you earn for your keep' I was 16. My mates all said to me that I'd get the money back from my parents lol nope never saw a penny of it, but I'm also proud I'm now nearly mortgage free with no help from anyone.

My parents lent us a deposit. We were saving up ourselves anyway but I had a stalker where we renting so asked them if they could help so we could move out sooner. We got a cash back mortgage so we were able to pay them back as soon as it was completed.

We would not have dreamed of asking our parents. We both worked hard at school, went to University and got well paying jobs. We saved for about 10 years prior to getting married and then put down a 30k deposit on a 250k house. We got married the week after we moved and paid for it ourselves. 14 years later, we’ve paid off our mortgage. We haven’t had a perfect easygoing life by any stretch but haven’t forsaken anything to pay our mortgage 11 years early in our view. However given the crazy cost of buying a house these days, we will help our DS to get on the property ladder but will expect them to input also. It won’t be handed to them on a silver platter. You value things more when you pay for them yourself.

My parents took out a loan to pay for our deposit

Lol nothing. We bought in outer London in 2010 in our late 20s. I'd been saving since I was 17, DH had been saving since he was 18. We have saving accounts for our DCs to hopefully help them out when the time comes.

I should have added that I come from a culture where investing your earnings in property is ingrained in you from an early age.

This thread is fucking depressing. So many young people helped out by their parents. I got nothing (even though they could afford to gift or lend a chunky deposit).