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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Parents gave me a large amount of cash to put down as a deposit. This was from their savings. No legal advice taken, think they had to sign something to,declare it was a gift and prove where the funds had come from.
It was my parents who mentioned helping me out around 2 years ago (age 25) and I was not expecting this at all.

My in laws gave us half the proceeds from the sale of my husband's grandparents' house (after taxes etc., my husband is an only child). It was only a pensioners' bungalow but we received 90k which meant the world to us. The money was left to his parents in the will but apparently his grandparents asked that half be given to us and his parents honoured that wish. The money had no strings attached but we decided to spend 85k on a house deposit- we were both on low salaries at the time and there is no way we could ever have afforded a mortgage without this. We ended up buying a 2 bed house on the edge of a village for the same monthly mortgage repayments as we had been paying in rent for a one bed flat in a run down city. It has been totally life changing- we now have higher paying jobs but the low mortgage repayments meant we could take shared parental leave when our baby was born and we have both gone back to work part time to share care between us. Our lives have been completely changed for the better in so many ways by this incredible gift and there is not a day goes by when I am not incredibly grateful, especially seeing the struggles of my peers with massive rents, no savings and huge childcare costs.

My parents were very poor, my mum a housewife and my dad a miner. In his later life he got compensation from the coal board as the work damaged his lungs permanently. He took that money and split it between his three children, with the advice that home security is a luxury that he never had and he hopes that we do. Then when dhs parent realised my dad had given us the deposit, they matched it (wealthy family)

I intend to do the same for my dc. Getting on the property ladder is getting harder and harder, with most people my age still in rented property, I don't want that insecurity for my children. Dh and I have saved them each a nest egg that will continue to grow whilst they get older

My parents were not able to help at all as they were not in the financial position to do so. My partner's parents lent us the money for the solicitor's fees but the deposit and stamp duty was from our own savings

We had a tiny wedding, so the money my parents had left over from that, they gifted us as a deposit on our first flat, though this was 25yrs ago and we only needed a £4k deposit, which seems unimaginable now!

I had a 100% mortgage when I bought my flat in 2001 when I was 27. My dad had died 5 years previously and I was already in a rented houseshare after uni.
According to 'D'Ms friend I've never been forgiven for moving out in the first place, so like hell would I have ever been offered anything to help me financially. At the age of 45 I should still be living with my widowed mother apparently.

Mine couldn't afford to, but did buy an oven for the house I bought with XDP as it didn't have one.

My parents were not in a position to help, although didn't charge me rent so I could save.

My uncle then sadly passed away and my parents gave me £12k. This meant I could put a deposit down in 2005 for a 1 bed flat at £100k.

My dh was gifted £50k from his DF and he bought a house for £175k ish.

Our kind parents mean that 15 years later we have moved up the ladder and now have a £550k house.

Sorry and we kept the flat. We will sell when the kids are older and use to fund their deposits.

We helped DD with a deposit on a shared ownership flat. Without our help she wouldn't have met the affordability threshold. Being single is a real disadvantage and we felt it wasn't fair for her to miss out on having her own home just because she didn't have a partner.

We made a deal that she would have a flatmate at least to begin with to help her with the mortgage and enable her to put some savings away, which she did. She's now better paid and can afford it on her own.

I started to save and had managed to get to a point where I was completely debt free and had £2k of my own. My mum then retired and gave me the lump sum of £10k so I could put a deposit down on a decent flat.

Without this, I would have had to struggle on for a few more years. I sold it last year with a profit of £12k so I can now pay for my studies which my mum would have really appreciated.

Other than encouraging me to work and pay my own way they didn't

No financial help but I welcomed their sound advice and unfailing support. I hope I will be in a better position to help out our children financially when their time for property comes.

Very very fortunate. I inherited money from my grandparents which my parents didnt tell me about or give me at 18 when they should have. Instead at 25 when I made noises about getting on property ladder they produced it. My FIl died at same time which matched the money I inherited and suddenly we had a v tidy deposit.

My parents lent money to me to put towards the deposit. They also, unknown to me, had over the years, saved a small amount now and again which they gifted to be towards my first property.

My parents didn't help. I didn't ask them, though, because I have always been fiercely independent and also we got a 100% mortgage with no deposit. We bought in 2000 before house prices went crazy, so we were quite fortunate.

My parents also didn't have any help with buying their first house, so it never really occurred to me that it was a thing to get financial help like that.

My parents always taught me that nothing comes for free and to pay my own way through life when I was young. That said, my dad inherited a large sum of money when his mum passed away (before this he had nothing and lived pay cheque to pay cheque) and by the time 2016 came along the housing market was a very different place and he knew realistically I couldn't make it onto the ladder alone/without a wealthy partner. He was saddened watching me throw hundreds of pounds a month away on rent and was very generous and ended up giving me £35,000 for a deposit on a 1 bed flat. Without his help I would never have managed it.

My parents always taught me that nothing comes for free and to pay my own way through life when I was young. That said, my dad inherited a large sum of money when his mum passed away (before this he had nothing and lived pay cheque to pay cheque) and by the time 2016 came along the housing market was a very different place and he knew realistically I couldn't make it onto the ladder alone/without a wealthy partner. He was saddened watching me throw hundreds of pounds a month away on rent and was very generous and ended up giving me £35,000 for a deposit on a 1 bed flat (extension added since DD arrived!). Without his help I would never have managed it.

It was done on a very informal basis - I told him initially I would pay him back. My partner was moving in and said he would give dad £500 a month but nothing was ever done in writing. We did so for about 6 months before falling pregnant where dad agreed to let us off whilst I was on maternity leave and said we could start paying again once DD started school. Really I don't think he ever wanted the money back - was just trying to reinforce the whole "pay your way" thing. Unfortunately he passed away so we never got there.

Not sure how the processes work as our agreement was so informal so not sure what I would change but I definitely would like to help my daughter if I am able when she is older.

Ernmmm they didn't. I'll be old an too poor to afford to rent in retirement

My parents gave me a 10% deposit for my first flat, on the condition that when I sold it I gave them 10% of the sale price. The flat doubled in value in just over two years (late 90s) so we all did nicely out of it.

I was buying my first house after my younger sister had got married and the parents had paid for her wedding. When I was raising the cash, they gave me the equivalent sum to the wedding, on the understanding that I paid for any wedding in the future. Really helped me out, and we did something vaguely similar for DSD, but a bit more complicated.

This was in 1986 BTW.

We didn't use any money from our parents as they weren't in a position to give us any, but my partners parents welcomed us into their home and let us stay almost rent free for 18 months so we could both save whilst working full time. We have just moved in to our first home, and couldn't have done it without being able to save so much money in such a short space of time.

No parent money to help. It was 20yrs ago, deposits for rented property were so high that I just didn't have it. Fortunately for me those were the days when 100% mortgages were readily available. It just made sense to buy immediately rather than struggling to save a deposit to rent. I just had to find £350 for legal fees, that was it. Bought a 2 bed terrace house for £35k and sold it for double that 5yrs later. Now onto house number 4, it gave us the financial foundations to work from.

It's such a shame that lenders don't see the value that 100% mortgages bring to the housing market, and what a difference it makes to individuals.

My parents helped me by charging only minimum rent whilst living at home, on the proviso that I saved money. It meant that I had a lot of savings when I was ready to buy, and was able to furnish my house throughout.