Did your parents help you get on the property ladder? - Receive a £20 voucher for 1.5 hours online discussion

[LucyBMumsnet]

We are working with a financial organisation to develop a tool to support home buyers who would like to get help or have received help from their parents to get on the property ladder.

We are looking for 10 MNers to join us in discussion on a private thread for a 1.5 hours online focus group and help us with their opinions.

If selected, you will receive your personal link to join the private conversation happening either on Tuesday 7th January, Wednesday 8th January or Thursday 9th January 2020.

Please only sign-up if you would be available for at least one of these dates.

All selected participants who actively engage in the conversation for the entire duration of an hour and a half will be rewarded with a £20 voucher for a store of their choice (from a list).

To find out more and sign up, click here

Thanks and good luck!
MNHQ

Standard Insight Terms and Conditions apply

I had help . Message me if you need someone

Yes, my partner and I just moved into our first home last month. Couldn't have done it without my parents' help.

No help financially from either PIL or my DP. In fact we have the reverse situation in that both sets of parents, for a number of reasons, are woefully under provisioned for retirement. We bought a small house for my PIL to live in so that they could live off the proceeds of their house sale. We give my DP an annual stipend to supplement their pensions. I feel very fortunate to be in a position to help.

In the early 1980s, my parents, as long term council tenants became eligible under the 'right to buy scheme' and they needed £4000 for the deposit and legal fees which they did not have. I had always been encouraged to save when I started working and entered an employee saving scheme so was able to lend my parents the £4000, in effect, getting my parents on the property ladder.

I was able to buy my flat in 1986; the experience of my parents not being able to buy a property until later in life made me save hard for a deposit while I lived with them. It made me understand how very difficult it was for my parents, paying rent and having two children, myself and my younger sister. My parents, not being in a position to help me financially, helped in other ways, with my dad doing the refurbishing and decorating of my flat.

With my own now adult children, they realise that it makes sense to save for their own first property while living in the family home.

Only in the sense that my mum died before retirement and her employer paid out a death in service grant.

I had help from my parents as did all of my siblings.
If the online focus group is outside of office hours, I'm happy to be considered... (I work fulltime)

I was 18 and working and on a low income, but house prices were much lower then and I got a mortgage with my sister which was considered very unusual at the time! because of our youth we had to have a parent act as guarantor for our 90% mortgage, as they wouldn't give it to us without that, so, yes, we had parental help. My father gave us some towards the deposit but we saved the rest ourselves.

Are any of the banks preparing resources for parents who want to help but are clueless? The mortgage market has changed a lot in recent years. My in- laws often made noises about wanting to help us, but we’re offering 10 times less than we would have needed. It led to a lot of very uncomfortable discussions until I eventually mentioned that x amount would be the deposit needed, not the price of a house. My mil took two paces backwards and I honestly feared she would have a heart attack. We eventually managed to buy when we inherited a house from another relative.