You gave it to Bakero didn't you. I didn't see this post until just nowI'd have seen it last night, but I was playing computer games.
Genius
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[Finance] Best way to help kids get on property market
- Thread starter Wardy's twin
- Start date
Genius
Thunder Bolt
Silly old bat
It was because my ex had just finished his time in the Navy. We applied for a council house in Yorkshire where he was born, and because forces are classed as homeless, and we had a baby, we waited just a few weeks.
We stayed there for 6 years before buying our own house.
Edit to add - any equity will go to social care.
My Mother is paying £900 a week for her care home, and Mother in law is paying £650 a week for hers.
mejonaNO12 aka riskit
Well-known member
We were very fortunate to have been loaned 1/3 of a 10% deposit by each set of parents 8 years ago to get on the ladder. Now finally repaid but I will be forever grateful for that as I shudder to think how I would have done it otherwise. I'm also grateful they pushed us to look at buying when they did. We had no idea about the market but, getting us on when we did meant we paid £18k deposit rather than the £27k it would now take to buy the same property.
We set up a saver account for our daughter (3.5% interest I believe) which we will top up each month. Obviously I have no idea what the housing market would be in 20 years time but I'd love to be able to give her a significant chunk towards a deposit.
We set up a saver account for our daughter (3.5% interest I believe) which we will top up each month. Obviously I have no idea what the housing market would be in 20 years time but I'd love to be able to give her a significant chunk towards a deposit.
Then I would consider you lucky, not a hope in hell my girls would be able to save unless they came home, but Seaford is well out of reach of their jobs so they are forced to pay (almost) criminally high rent
I very much get the point about care costs as I have to pay for my M-I-L ...... but when I fast forward to consider what my children will encounter I really do shudder at the thought. So whatever we are experiencing now it's impossible to believe it's not going to get a whole lot worse
Not even joking.Genius
Thunder Bolt
Silly old bat
It's funny but the UK seems obsessed with owning homes whereas it's not a priority in other countries. Switzerland, for example, is regarded as a rich country, but many many people rent.
https://ec.europa.eu/eurostat/statistics-explained/index.php/Housing_statistics#Tenure_status
I do think rents should be regulated.
https://ec.europa.eu/eurostat/statistics-explained/index.php/Housing_statistics#Tenure_status
I do think rents should be regulated.
Thunder Bolt
Silly old bat
Yes, job mobility does have a big say in living costs, so I can understand your girls' dilemma.
I chose to go and live in Yorkshire when my ex came out of the Navy in 71, because housing was so much cheaper, so it isn't a modern phenomena.
Not everyone goes into a care home. They're trying to make it easier for people to stay at home longer.
This is off topic, but 3.5% is good. Who are you using, and what type of account?
Thunder Bolt
Silly old bat
I know but dementia is horrible and unmanageable.
mejonaNO12 aka riskit
Well-known member
It was a Nationwide 'Future Saver' if I remember correctly. Any withdrawls drops the rate for the rest of that year.
Nitram
Well-known member
- Jul 16, 2013
- 2,178
And similar arguments about housing being out of the hands of ordinary people were being made then (late 70’s early 80’s).
I also remember taking a huge gamble on our present house in the late nineties worrying about negative equity because of the dip in the market then which lasted a couple of years. Obviously turned out well but things are very unpredictable in the housing market.
With a possible recession looming and uncertainty of Brexit, and loads of people wanting to get out of the buy to let market I can see a tumble in house values. I’d definitely wait a few years before committing any money to the housing market.
My parents told us (4 siblings) as youngsters, that if we were each minded to go to Uni, that they would find the money to help us do that, and would see that as setting us on our way in life. Each of us were suitably grateful, and understood that this was in effect a (very) early 'advance' on any inheritance!
I have told our lads the same, and our eldest graduated this summer, (with a 1st
), debt-free thanks to the backing of parents and grand-parents - a position he knows he is very fortunate to be in. His brother will get the same help when he needs it (it doesn't have to be Uni, obviously - learning a trade, or setting up a small business would be equally valid).
This choice almost certainly means we wouldn't have any money available to help with the housing dilemma as well, but you can only do so much.
I have told our lads the same, and our eldest graduated this summer, (with a 1st
), debt-free thanks to the backing of parents and grand-parents - a position he knows he is very fortunate to be in. His brother will get the same help when he needs it (it doesn't have to be Uni, obviously - learning a trade, or setting up a small business would be equally valid).This choice almost certainly means we wouldn't have any money available to help with the housing dilemma as well, but you can only do so much.
BBassic
I changed this.
- Jul 28, 2011
- 12,337
I'm 34 and have been "on the ladder" for three years or so. Not because I'd scrimped and saved. Couldn't save really when over half my income went on rent and bills and food. Nope, only reason I was able to afford a deposit was because my last remaining grandparent died and she left my brother and I some money.
I hope one day to be able to do the same for my future children which is why, now that I'm mortgaged and able to save a chunk every month, I'm putting away as much as possible to be able to help them.
I hope one day to be able to do the same for my future children which is why, now that I'm mortgaged and able to save a chunk every month, I'm putting away as much as possible to be able to help them.
Creaky
Well-known member
We gave our daughter half the deposit she and her husband required for a mortgage on their first house about six years ago. The building society they got the mortgage from insisted we signed a document saying that this was a gift and that we would not be expecting repayment of any kind.
I guess things have now changed if they accept loans from other sources as deposit amounts.
I guess things have now changed if they accept loans from other sources as deposit amounts.
Justice
Dangerous Idiot
Not just young people that struggle with a deposit.
Another reason of course why it's SO much more expensive (and thus harder to get on the property ladder) is that in 1975 the UK population was about 56 million. Next year it'll be about 66 million. An extra 10 million people wanting homes, and every time someone says "Let's build some houses/flats over there" one hundred people shout "NO!"
My parents told us (4 siblings) as youngsters, that if we were each minded to go to Uni, that they would find the money to help us do that, and would see that as setting us on our way in life. Each of us were suitably grateful, and understood that this was in effect a (very) early 'advance' on any inheritance!
I have told our lads the same, and our eldest graduated this summer, (with a 1st
This choice almost certainly means we wouldn't have any money available to help with the housing dilemma as well, but you can only do so much.
I took the choice to do the house instead of University fees. Both my girls got whacked for the 'new' £9K a year + loans for accomodation etc. The youngest did 4 years for her Masters and now owes over £65K. Interest alone means that is going up by over £2K a year. She's got a good job on £30K and 'pays off' (before interest) about £50 a month. Obviously that will go up as she earns more but interest will roll the debt up quicker I suspect.
I didn't see any point at all ... many/most of these loans will never get paid at all so helping them with housing seemed a better option
Don't start me on the whole (value of) Uni fees and student loans set up .... it's a total mess imo
SollysLeftFoot
New member
Crash the economy, the only and best way to do it.
Green Cross Code Man
Wunt be druv
Yeah and then the kids can buy cheap houses with the jobs they've not got any longer.
Know of a plenty of people on interest only mortgages on variable rates that even at the moment only just managing to pay each month. If interest rates were to return to those levels then a lot of people would be screwed. Bank of England and Govt knows this so will be doing as much as possible to keep the rates down for the foreseeable future as surely property prices is what is helping boost our economy along?