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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:
hiddenmichelle · 19/12/2019 11:39

Did it all ourselves through saving hard - this was 20 years ago - still paying the mortgage though!

lizd31 · 19/12/2019 11:40

I didn't have any financial help from my parents. I was always taught, even from a young child, to save my money so I could afford to buy things later in life. I bought my own bedroom furniture in my early teens from my savings & when it came to moving out of my parents' home I didn't get any help other than my Mum making up a box of cleaning products & essentials like tea, coffee, sugar etc as a housewarming gift. That was way back in the early 80s though when house prices were very low. These days things aren't so easy. I'm leaving money in my will for my great niece, god daughter & godson so that they'll have enough for a deposit on their first house as I know their parents won't have enough money to help them although I do hope I actually live long enough to see them manage to buy their own houses without my help.

julieef · 19/12/2019 11:45

They didn't they didnt have the money with 6 chldren, but they did help with curtains and things

sophiefx · 19/12/2019 11:59

No they didn't unfortunately. My mum was a single mum and even if she wanted to help, she didn't have the money. We are living in rented property but are slowly saving towards possibly buying.

icehousekerry · 19/12/2019 12:07

My parents aren't in a position to help me but thankfully my grandparents-in-law are and they loaned us the deposit for our house. So grateful - we'd still be renting if it wasn't for them!

Mitcholiver · 19/12/2019 12:35

My parents helped me by helping me sort out my mortgage and helping me with my solicitor fees. They were a listening ear when I needed it!

kagglen · 19/12/2019 12:35

i did not have any help from my parents to buy a house. i saved up as much as i could on my own.

AngelwingsPetlamb · 19/12/2019 12:53

My parents gave me nothing, but I had a career with a steady salary and one of my grandparents died leaving me enough money to put towards a deposit.
I also bought my first house when repossessions were rife and property could be bought a bit cheaper.

keepingbees · 19/12/2019 13:03

No help here from either side. I was brought up to only buy what I could afford and save what I could. I did just that and saved all the deposit myself with my husband. We've renovated and decorated ourselves too.
I'm not sure I would've been comfortable with accepting a large amount of money in any event.

velocitygirl · 19/12/2019 13:34

Mine gave me £15k as a gift towards a deposit. I never asked - they had always made it clear the would like to help, and they gave the same amount to my sister.

moosexxx · 19/12/2019 14:01

They gave us some excellent advice.

6paces · 19/12/2019 14:05

They didn't...I had to do it on my own

footdust · 19/12/2019 14:06

My parents were not able to help me get on the property ladder by gifting me financially, but by allowing me to live rent free in their house I was able to save for my deposit.

Minnibix · 19/12/2019 14:15

I didn't get any help from my parents to buy my house, they helped where they could but were not it a position to help with something like that. I did not buy (take out a mortgage) until I was 38 after saving for years, and still money was very tight for many years x

MarieKlepto · 19/12/2019 14:18

I didn't get any financial help. I lived in rented rooms in flatshares and worked two jobs to save up a deposit before buying my first tiny property which I fixed up myself and furnished second hand. It was actually a great time and lots of fun. It seems so much harder for young people these days and something has to give whether that be better first time buyer schemes which are more than a one year wonder or tax breaks or similar for parents who wish to contribute.

del2929 · 19/12/2019 14:21

my parents let us stay with them so we could save enough for a decent deposit.
we werent asked for board or any other contributions, this was what helped us save.

Perid0t · 19/12/2019 14:46

My husbands parents gifted us £32,500 as a deposit for our first home. Incredible. We were so lucky ❤️
They sold their house in order to do that for us.

rdavis · 19/12/2019 14:55

When my father died, my inheritance was just enough for a deposit on a house

PhilomenaChristmasPie · 19/12/2019 14:59

Ha. They didn't.

Helsbells68 · 19/12/2019 15:07

I did not get any help from my parents when I purchased my first house in the 1980's

addverbaan · 19/12/2019 15:09

Sadly they were not in a position to do so. I have however been saving money for my son since he was born and hope to have enough for a house deposit for him when he turns 21 :)

Doodlebug5 · 19/12/2019 15:48

My parents helped us with the deposit on a small terraced house (they bought it and we paid them rent) but we chose the house. They gave us great advice to buy the worst house on the best street. We lived there 7 years and sold it for double what they paid. Their initial £20k deposit turned into a £90k deposit for our second house which we bought ourselves. I realise how incredibly lucky i am.

NewModelArmyMayhem18 · 19/12/2019 15:54

Er no help whatsoever.

EL8888 · 19/12/2019 15:55

Nothing. They could do but chose not to -not explanations given. My work colleagues at the time couldn’t believe it. My mother is quite controlling so lm guessing if she had contributed financially then she would start deciding x, y and z

mwatmough · 19/12/2019 16:00

They didn't