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MNHQ

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

457 replies

LucyBMumsnet · 17/12/2019 09:52

This sponsored discussion is now closed

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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Find out how Mumsnetters got help from their parents to get on the property ladder
OP posts:
snare · 06/01/2020 19:30

My parents and grandparents helped me with my deposit for my first property

jojo8208 · 06/01/2020 19:49

I haven't ever managed to get enough money to buy a house. My sister was in a much better position than me & managed to save with her partner & got help from our Mum toward the deposit.
I'm OK sticking to renting, I quite like being able to call someone when something goes wrong

cathryn1 · 06/01/2020 19:49

Yes parents luckily helped me onto the property ladder they gave me the "wedding" fund, we have since split up but managed to keep hold of the mortgage

Catpink · 06/01/2020 20:22

My parents helped with a deposit and said look after the pennies and the pounds will look after themselves.

mclarkie · 06/01/2020 20:27

Nothing, I saved for the deposit myself, they did help with paying my mortgage off early though.

Kangakate · 06/01/2020 20:50

My dad arranged for us to move in with my nan rent free so that we could save for a deposit

giddyypixie · 06/01/2020 20:52

They didn't. Not because they didn't want to but because I didn't want them to. They always bought me up to be independent so when it came to buying a house I looked for a 2 up 2 down "doer upper" so I could get something in my price range that I could add value to. I got a 90% mortgage and got a loan for the remaining 10%. Then proceeded to work my butt off, scrimping and saving to pay it off. And it did pay off, I made enough profit on that house to buy a 4 bed semi family home just 6 years later!

sofieellis · 06/01/2020 20:56

DH and I have never had any help from parents, they couldn't have afforded to. We bought our first house direct from a builder, who was offering to pay the 5% deposit. We simply could never have saved enough otherwise. This was in the 90s, immediately before the house prices crashed. It was a very difficult time, as we really needed to sell the house after a couple of years, but we couldn't as we were in negative equity. We rode it out for a few years and eventually sold at a profit, giving us a deposit for our second house.

It must be lovely to have someone hand over a house deposit to start you off.

blue25 · 06/01/2020 21:04

No help here to buy a property, although they helped with new furniture once I’d bought a house.

maria08k · 06/01/2020 21:11

My parents didn't....i'am estranged from my biological father and my mum had it very tough bringing my brother and i up. Money sadly wasn't something that my parents had spare or were able to squirrel away for us. My fiance and i have worked hard to fund our own savings towards our deposit.

LadyCordeliaVorkosigan · 06/01/2020 21:24

Directly, nothing, though DP's parents gave us a couple grand over a few years. Indirectly, however, they got my grandparents to engage with Age Concern (now Age UK) financial advisers, who ensured they got all the benefits they were entitled to, especially once my gran was in a nursing home. Result was we were expecting nothing left of their savings when she died years later, but in fact nearly half the value of their modest house was left, meaning I got a £12k cheque. Biggest shock of my life, especially as gran didn't like my side of the family.

So DP and I managed to buy a London ex-council maisonette in 2000, despite all the people telling us not to and wait for a crash. Very glad we didn't wait - there hasn't been one yet! We married and moved to a larger place in a cheaper area in 2006, thanks to prices rising.

robyn297 · 06/01/2020 21:41

My parents weren't able to offer any support. We have had to do it all ourselves.

I have opened savings accounts for my children and while they are young I usually put any money they get as gifts into their accounts, I'm sure that will change soon when they are a little older. I will still continue to put a bit of money in their accounts at Christmas and their birthdays.

Gill81uk · 06/01/2020 23:33

My parents instilled a great ethic into me in terms of saving and not wasting money but they didn't actually give me any money towards it. We started with a small, inexpensive house and worked out way up so that we didn't need to large a deposit to begin with.

I think it is different in this day and age tho and we will start saving so that we can help our children.

Dan35 · 06/01/2020 23:48

I was very lucky in 1996 to inherit money from my grandfather which allowed me to buy my first flat when I was 21 - not something that many people can do today, unfortunately.

Smellophant87 · 06/01/2020 23:54

My parents are lending us money for a deposit.

Carlychoc55 · 07/01/2020 04:50

Unfortunately we are 38 and still rent. We did not meet until we were 30 and I have always worked but not in high paid jobs so had not saved enough and nor had my partner and we have four children between us so saving for a house is impossible even though we work hard. My parents haven't been able to afford to help us. Apparently these days you need to earn £89,000 a year between you to get onto the property ladder with the deposit - im sure I saw that somewhere recently

Bellroyd · 07/01/2020 05:47

I didn't receive any financial help, but as always encouraged to save and take responsibility for my financial well-being. By the time I was ready to buy a house, I was well-informed and 100% confident I could manage my finances accordingly

cathyov · 07/01/2020 08:55

My parents encouraged me to save all through my childhood and that 2K I had in the bank helped secure that mortgage many a year ago. So I have continued that tradition with my children and will do my best to help them out when they want to get on the property market with advice, support and if in a position to loan some money will do so.

kats56 · 07/01/2020 11:32

My parents were not well off but they instilled in me the importance of saving which helped me to save for my first house.

Bluewavescrashing · 07/01/2020 11:40

I wasn't given any help personally but my parents in law gave us 100k to get on the property ladder which allowed us to buy a decent 3 bed house in a well thought if location. 5 tears later we sold it and bought our current home which is a 4 bed 4 bath detached house.

CatCatDog · 07/01/2020 13:12

My parents didn't help, I worked multiple jobs and saved hard. It's not a dream home, we need more space but can't afford it here.

thenettyprofessor · 07/01/2020 13:34

Nothing from either mine or my husbands family. Saving and hard work got us a deposit and a local council scheme to help first time buyers got us the house we now live in.
We have two children and will do anything we can to help them get a property when they are older and have also said they never ever need to leave home if they don't want to.

Blondie1982 · 07/01/2020 15:34

My parents never charged me rent for all the years that I lived with them which enabled me to save up for a deposit.

Emmamaryd · 07/01/2020 18:52

They were supportive. I got a weekend job when I was 13 and just saved and saved and bought the house on my own.

yorkie18 · 07/01/2020 19:03

My parents were a huge help. We were renting for 18 months and they offered to pay a deposit, legal fees and our first big shop! It was about £10k all in and that was in 2006. Couldn't have done it without them and I hope I will be in a position to do the same for my children one day.