Active discussions

Please or to access all these features

Talk
Sponsored threads

This topic is for sponsored discussions. If you'd like to run one with us, please email [email protected].

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

Terms and conditions apply

Find out how Mumsnetters got help from their parents to get on the property ladder
OP posts:
Asuwere · 17/12/2019 16:10

No financial help from parents, although they did encourage me to work from a young age and to save regularly. They did both help with the physical moving into and painting my first house. :)

adhdme2019 · 17/12/2019 17:38

Gave us the deposit!!

fastliving · 17/12/2019 17:48

Nothing from my parents.
They could afford to help by didn't.
I was lucky in that I found a relativity low paid job, but was live-in so very few expenses.
Worked day and night for a number of years to finally buy my own place (with a mortgage) but feel sad I had to do it all on my own with no support.

charm8ed · 17/12/2019 18:08

No help and didn’t expect any.

ScorpionQueen · 17/12/2019 18:32

No help at all.
I have just helped my teens to open Help to Buy ISAs before the scheme closed. I can't put much in but I'm encouraging them to think about saving young and they can live here rent free as long as they are in education, training or saving.

CountFosco · 17/12/2019 18:45

I'm nearly 50, my parents provided me with a stable childhood and a love of education that resulted in my doing very well academically. Financially they topped up my student loan to a higher level than they were required to and supported me through the last 6 months of my PhD. Once I started working I never asked them for money again, they had done enough already.

When DH and I bought our first house 18 years ago my parents bought us a piece of furniture as a housewarming present, DH's parents didn't get us anything really significant in value (flowers and champagne, that kind of thing) We moved a couple of years ago but since we live in the north our old house hadn't increased in value much over that time, about 5%. We will at some point inherit a significant amount from each side but that money will probably go towards retirement, rather than our mortgage.

HavelockVetinari · 17/12/2019 18:57

My parents and DH's parents chipped in to provide a very generous deposit from their savings - they'd been saving since we were born. We will do the same for our DC.

jitterbugintomybrain · 17/12/2019 19:31

They didn't help us as they couldn't afford to.

Tefiti2 · 17/12/2019 19:32

Paid for our wedding (around £5k) so we could save up for a house! Will always be grateful.

DinosApple · 17/12/2019 19:34

No financial help, my parents couldn't afford it, just advice on saving as much as possible whilst I lived at home (save half!). I paid my parents keep which helped me get used to budgeting, what was left was mine to spend.
For the DC we will do our best with helping for a deposit. Depends how we're fixed at the time. But I appreciate the lessons my parents gave me so will pass that on.

RunningKatie · 17/12/2019 19:39

No help from my parents, but watching their inability to manage their finances and very nearly losing our family home meant I was highly organised when I bought my house.
My mum did get money wise and encouraged me to overpay my mortgage whilst I was young, free and single. Made a massive difference when dh and I bought our family home, we had a really good deposit from the sale.
Our dc have savings that are being generously topped up by the ILs but I still wonder how they will get on the housing ladder.

formerbabe · 17/12/2019 19:43

They died and left me an inheritance.

BeckyButters · 17/12/2019 19:48

Parents gave me £10k for a 20% deposit in 1999. I still needed a lodger to help with the mortgage though. They had some money from my auntie's inheritance. Riding house proves have enabled me to hold onto it to rent out whilst I moved elsewhere.

motortroll · 17/12/2019 19:50

We wanted to buy using the teachers key worker scheme where they give you a deposit and you pay it back when you sell plus extra. They ran out of funds when we wanted to move! Fil who was still working with no mortgage took out a small mortgage on his house and gave us a £25k deposit. We had lodgers today start with until we had a baby. 2 years later we remortgaged and paid him back and also got a new kitchen. This was 2005. Moved out last year and had to borrow £10k from my dad to make up for a shortfall on our deposit! Paying him back monthly. My dad has £30k banked so he can lend up to £10k a time for his 3 kids. We will get it permanently eventually!!

morriseysquif · 17/12/2019 19:50

They died within months of eachother and I got a small share of an inheritance and then saving an equal amount.

RhymingRabbit3 · 17/12/2019 20:12

My parents allowed me to live at home while I was studying at university, while only paying a minimal rent.
This meant I was able to save up my student loan and part time earnings, rather than blowing it all on Uni halls. My husband and I were very lucky to have saved up enough for a deposit and buy our house at 23. While many of my friends had just finished uni and moved back in with their parents, I was just moving out into our own place.
My parents couldn't have afforded to give me the money for a deposit but they allowed me to save it myself by saving me rent and other living expenses for 4 years.

torthecatlady · 17/12/2019 20:16

My brother and I didn't receive any financial assistance buying our first homes, however our parents taught us the value of money from a young age to ensure that we saved ourselves.

DH & I would like to be able to save a small amount for our DC towards a deposit on their first home, but will also be teaching them the value of money, the importance of saving and responsible spending.

LadyMonicaBaddingham · 17/12/2019 20:20

They didn't. We were very fortunate to be one of the last few to get a 100% mortgage with Northern Rock.

shockedballoon · 17/12/2019 20:25

Bought first terrace house with DP (now DH) for £68K in 2001. Half the 10% deposit came from his parents and the other half from my mum. No way we'd've saved up enough in our early twenties otherwise!
We only moved 2 years ago to a semi with a decent size garden and used the equity in our house and most of the proceeds from the sale of my mum's house to buy the house outright. We've then mortgaged to fund a fairly large groundfloor extension (currently under construction) that mum, whose health isn't great, is going to move into. Mum doesn't have any family closeby so she'll be moving cities to be with us. She's currently living in a retirement flat in her home city until the extension is finished.
The only reason we can afford to get a house of this size is that I'm an only child and me & mum get on well enough to consider this sort of arrangement - fortunately DH is akso pretty chilled about the prospect of MIL being so close to hand!

sausagepastapot · 17/12/2019 20:27

We moved back into my parents for 9 months so we could save. Cash wise, we were given nothing...DHs divorced parents are both very wealthy, my parents not so.

Danni12 · 17/12/2019 20:36

They lent us £5000 to go towards doing up a place that needed work and we paid it back within 6 months.

Lardlizard · 17/12/2019 20:36

Nothing
But o think that makes you all the prouder for achieving it for yourself and you appreciate it more

Kannet · 17/12/2019 20:38

They didn't. Did it myself feels great

jennymac31 · 17/12/2019 20:51

My parents gave us £15k (10%) deposit for our first house in 2006, after they sold their investment property. We sold the house in 2014, making £55k profit that enabled us to move up to the next rung of the property ladder. Our next property was a doer-upper and we were very fortunate that my in-laws had just downsized at that time and they gave us £25k which we used towards the refurbishment (the rest of the costs were covered from savings we had set aside). Our house value has gone up by at least £100k and I know we would never have got to this position without the help of our parents.

I really hope that we will be able to help our children on the property ladder like our parents were able to do for us.

HostessAtCrimbo · 17/12/2019 21:04

My parents taught me that saving up was important from a young age. Encouraged me to save my pocket money and be sensible with my little wages and were very big on my paying back any loans or advances i may have got from them! With that I managed to save a good chunk of money to set us off...

But then DH mum kindly gifted us 10k after selling her home.

We purchased a house for 152k with help to buy
Sold 5 years later and had almoat 40k to put towards our next home

We wouldnt be here without both parents guidance support and generosity