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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:
kamaxtra · 19/12/2019 08:51

My mother very generously and kindly gave us a large deposit. Unfortunately the offer fell through (they pulled out of selling) and we ended up putting the money into investments and building that up while we look for another place.

maryandbuzz1 · 19/12/2019 08:56

I had no help. I worked abroad and was able to save for a deposit.

dazzlinghaze · 19/12/2019 08:59

My parents very kindly gave me £10000 for a deposit last year. They're not rich by any stretch of the imagination but when I decided it was time to move out they downsized and gave me it from the proceeds of their sale. I'll be forever grateful to them.

NICH7 · 19/12/2019 09:04

Nothing at all from our parents. We planned our finance well, and put money aside every month, consequently saved enough to pay for the deposit.

DassDass · 19/12/2019 09:07

Encouraged me to save, and spend wisely.
I saved £27k on my own for a deposit, which i'm still very proud of as have never earned more than £25k a year.
Now in our 2nd home but so grateful we got on the ladder when we did. especially as we live in a very expensive part of the country.

moonray · 19/12/2019 09:19

I'm afraid my parents were not in a condition to help me financially. In fact, we're still renting to this day and will never be able to get on the property ladder.

sheilads105 · 19/12/2019 09:21

My Dad gave me some of the deposit money for a studio flat. Such a fab help.

twinklenicci · 19/12/2019 09:26

My parents are unfortunately too poor to help us out , they don't even have their own home they rent. I am 41 and was buying a house , but when my relationship broke down 20 years ago my house was repossessed and due to illness i no longer work so haven't been able to get back on the property ladder

Sleavercole123 · 19/12/2019 09:41

It was actually my Nanna who left me money in her will to put towards a deposit on my first house

Yaracuy · 19/12/2019 09:46

My parents bought the flat where we used to live, later on I sold it and came to England.

SSCRASE123 · 19/12/2019 09:48

They didn't, they weren't in a position to help me financially. I actually borrowed my best friends student loan and paid him back monthly with interest in order to get the deposit I needed.

janeyf1 · 19/12/2019 09:48

My parents didn't exactly help but they did give good advice and instilled in me good financial savvy techniques

gaptoothuk · 19/12/2019 09:50

My parents didnt do anything to help us on the property ladder. Me and my husband however worked hard and saved and saved until we could afford our own little flat. Not much but it meant the world to us to have our own little space and not have to depend on family members.

Mmmmdanone · 19/12/2019 09:51

My parents gave me £2k deposit for my first flat 25 years ago. It was £27.5k back then! My dad also did a lot of improvements to it and I sold it 10 years later for £83k and was able to buy a house. So grateful to my lovely parents.

pennwood · 19/12/2019 10:08

My parents instilled into me saving hard and they did not allow me to pay any board money which of course went towards saving. Mum bought all of my toiletries which was a great help too, so although they did not give any physical money, what they did enabled me to get the deposit together to purchase a house when I got married.

ThemisA · 19/12/2019 10:09

I lived with them for many years after university and saved every penny which gave me the deposit to buy a flat in another area which I rented out.

SnowyRacoon · 19/12/2019 10:11

Nothing, not every family is in the financial position to help or want too if they could.

pennwood · 19/12/2019 10:17

My parents instilled saving money into me, and did not charge any board, plus purchased all my toiletries too. This enabled me to put a deposit on a house when I got married.

happysouls · 19/12/2019 10:22

We lived with my parents for about a year until we'd got our act together before buying our first house! But they regularly help out financially even now!

kaosfusion · 19/12/2019 10:35

Nothing. I worked hard and saved. Our first house was not in the best area, it wasn't the biggest house we could get but we never rented. My partner (now husband) then decided to go halves on a property reasoning that if things didn't work out between us we could split the investment 50/50 and go our separate ways. I think the only investment we got from relatives is that my grandmother paid for us to have UPVC windows fitted when we moved in.

sor5 · 19/12/2019 10:40

They give me the deposit for the house.

voyager50 · 19/12/2019 10:42

I bought alone - my mum wasn't in a position to help financially but my dad was able to help a bit towards the deposit and he spent hours putting together all my flat pack furniture!

deano777 · 19/12/2019 10:46

My dad was there with loads of advice but I paid for it all myself.
If he could of afforded it he would have helped though.

Moobirch · 19/12/2019 11:00

My parents will help with a deposit, but with current prices I wouldn't be able to afford the repayments. I either need to up my earnings, or hope prices come down or at least rise slower than inflation for a while

DiJones · 19/12/2019 11:02

No one gave us anything, both of us from working class families who rented. Mind you back in the day a teacher and civil servant were regarded as good prospects by mortgage lenders. Nevertheless we had very little disposable income for several years.