People who have bought a house - did you receive any financial support from parents/relatives/inheritance etc? One of my housemates is buying a house and I cant figure out how she’s managed to save the 20-30 odd thousand needed just for a deposit
Anon poll
0 voters
I answered yes but just wanted to say that there’s a big difference between financial help from your folks (which you have to pay back) & using inheretence (which you don’t)
I/we got the former - not the latter
Took us 2 years to pay back
Probably amount tor he same in the end - but not in the ‘during’
Depends how long she’s been saving and how much she earns really, doesn’t it?
It took me ten years to save the equivalent of two year’s salary, if that helps as a guide.
That should read ‘probably amounts to the same thing in the end’
Me - no.
My oldest sister - £30k from my parents. Plus she gets the max inheritance tax free amount (£3k) from my nan every year to ‘help out’. I’m not after any cash from my family and they can spend it on what they like, but given that my sister earns £60k and her husband earns over £100k you might think they could stand on their own two feet financially a little more…
Two years’ salary at the start of the saving or at the end?
But you’re not bitter!
(Although it sounds like you have the right to a grievance, TBF.)
She can be a major drain on the family, not just financially, and it definitely irks me. She’s almost 40 - surely you’d want a bit of independence by that age?
No, but I bought a flat in a cheap part of Glasgow, so my deposit was relatively small.
Voted no, because I started off on my own, but an inheritance from my grandparents did some damage to the mortgage a few years back.
No, and we really struggled.
Although our joint earnings more than covered what a monthly mortgage payment would be, there was no way we’d be able to save £20k+. We ended up doing shared ownership with the local housing association which only required about £7k, but meant we’d be paying them about £300 in rent every month against the bit of the property they owned. It worked, and after three years we’ve just bought their current share with a mortgage extension at the current market rate.
idk - she’s 24 and has been in full time work for 2 years.
Blatantly had a hand then.
Yeah my sister and I jointly own a tiny flat, which she lives in. The way it worked was we carved the deposit/stamp duty 4 ways. I paid 25%, my Dad gave me 25%, my Dad gave my sister 25% and my sister paid 25%. It’s the only lump sum of money I’ve been given by my old man as an adult and I have absolutely no other inheritances coming so I’m very grateful for it.
Inherited wealth is pretty disgusting when you think about it, isn’t it.
One thing I was surprised to learn recently - wedding gifts to children up to £5,000 are also exempt from IHT.
It’s pretty unfair, yeah. And hard not to feel a bit bitter.
We had no help when we first bought, although we didn’t really need it tbf. My folks ended up losing the house when we were kids and are both still paying their own mortgages. Wife’s mum died recently, so she will inherit some from the sale of her house but a lot of that had to pay for care.
At the end.
My pay was pretty much static for the first five years, then went up by about 50% as I moved from the Newcastle office to the London one.
I think I was saving about 25% of my take home pay in both situations though.
^yeah.
We have had this discussion before and you could use this argument for any advantage in life a relative gives, be it time, money objects etc., its all relative! But I do think there should be limits.