[Finance] Best way to help kids get on property market

East Staffs Gull · Aug 16, 2019

Best-way-to-help-kids-get-on-property-market

Suggest getting a second job. When I was in my twenties I had credit card debt, let alone any savings. I got myself a weekend bar job. Although the pay was poor, it stopped me going out and therefore saved me a fortune each week. It also still provided a bit of a social life. Within months I had paid off my credit card bill and had started to accumulate savings for a house deposit.

SollysLeftFoot · Aug 16, 2019

East Staffs Gull said:
Best-way-to-help-kids-get-on-property-market

Suggest getting a second job. When I was in my twenties I had credit card debt, let alone any savings. I got myself a weekend bar job. Although the pay was poor, it stopped me going out and therefore saved me a fortune each week. It also still provided a bit of a social life. Within months I had paid off my credit card bill and had started to accumulate savings for a house deposit.

And another, likely to be 50+

southstandandy · Aug 16, 2019

SollysLeftFoot said:
And another, likely to be 50+

So what? My son's 23 and has 2 jobs.

SollysLeftFoot · Aug 16, 2019

southstandandy said:
So what? My son's 23 and has 2 jobs.

Good for him, what does he do; because I can almost guarantee it's nothing like my job. Obviously because you did it back in the day, it obviously applies to now

East Staffs Gull · Aug 16, 2019

SollysLeftFoot said:
And another, likely to be 50+

I am indeed. Hadn’t realised that there was an age limit on posting. Unlike in your example above, I didn’t aspire to buy an average priced house. I just wanted to get a foot on the housing ladder.

amexer · Aug 16, 2019

Ernest said:
Vote for a Labour Government

will house prices come down then

southstandandy · Aug 16, 2019

SollysLeftFoot said:
Good for him, what does he do; because I can almost guarantee it's nothing like my job. Obviously because you did it back in the day, it obviously applies to now

He's recently started as a commercial finance analyst in London and spends Saturdays for a car hire company delivering cars. As a result he doesn't get to the football much. Bad fan!

SollysLeftFoot · Aug 16, 2019

East Staffs Gull said:
I am indeed. Hadn’t realised that there was an age limit on posting. Unlike in your example above, I didn’t aspire to buy an average priced house. I just wanted to get a foot on the housing ladder.

You missed the point entirely. It wasn't about posting, it's about the age in which this argument of having a second job.

Getting your foot on the housing ladder, huh? Should I just upsticks, abandon my job and go live in wilderness of Wales because my expectation of owning a home is a little too much? Again, your age is absolutely a factor in this ridiculous idea.

My 'example' isn't an example, that's exactly my situation. But I should absolutely just go get another job. Spot on, top advice, that.

Or we could build more decent homes and strip down the excessive amount of planning permission red tape there is.

SollysLeftFoot · Aug 16, 2019

southstandandy said:
He's recently started as a commercial finance analyst in London and spends Saturdays for a car hire company delivering cars. As a result he doesn't get to the football much. Bad fan!

I'm a Treasury Analyst, who works in front office - also bound by a training contract to study ACA. So, despite the nature of an FO role and my study, including my salary. I should just get a 2nd job.

East Staffs Gull · Aug 16, 2019

SollysLeftFoot said:
You missed the point entirely. It wasn't about posting, it's about the age in which this argument of having a second job.

Getting your foot on the housing ladder, huh? Should I just upsticks, abandon my job and go live in wilderness of Wales because my expectation of owning a home is a little too much? Again, your age is absolutely a factor in this ridiculous idea.

My 'example' isn't an example, that's exactly my situation. But I should absolutely just go get another job. Spot on, top advice, that.

Or we could build more decent homes and strip down the excessive amount of planning permission red tape there is.

Perhaps you’re right. I appreciate that you’d like to be able to buy an average priced house in the vicinity of where you currently live. It’s probably worth you waiting for major reforms of the housing market, rather than looking to increase your earnings. Said in jest, of course, in response to your ridiculing of a polite suggestion.

Justice · Aug 16, 2019

Minimum wages the worst thing that ever happened in this country. So many of our kids stuck on crap wages because companies take the minimum wage as that’s all your getting. When I was at school I was working for the West Sussex County times on £20/hr part time in 1985/86 doubt they pay kids that now.

southstandandy · Aug 16, 2019

SollysLeftFoot said:
I'm a Treasury Analyst, who works in front office - also bound by a training contract to study ACA. So, despite the nature of an FO role and my study, including my salary. I should just get a 2nd job.

No one should have to look for a 2nd job if they don't want to. My son just wants to earn as much as he can so he can pay his mortgage off quickly. I only had more than one job for a few years then when I got married and a second income was coming into the household I was able to go back to a more sensible 45 hour week.

Thunder Bolt · Aug 16, 2019

Wardy's twin said:
We bought a 3 bed semi detached house in need of some repair for £18k which was 5 times our earnings. My daughter might get a one bedroom flat for 10 times her income. So whilst things were bad they were better than they are today.

In 1976, the building societies would only lend 1.5 times the man's annual salary. As we had children, my part time wage wasn't taken into account at all.
We did have 10% deposit on an £8K house.

pearl · Aug 16, 2019

LlcoolJ said:
I know it's your kid HW, but at 33 he can walk on his own.

Save the money for when/if he really screws up/has a horrific life situation and actually needs it. Not to help someone out when they don't have what they want, just because they haven't earned it.....

And yes, you could say that you've been extremely lucky in comparison. Age, job, pension etc. But to cut into that when it's just for shits and giggles, rather then when he might actually NEED it, is a mistake.

To me anyway.

We've benefited from a few quid here and there from (her) parents. But only stuff that's made things sightly easier rather than buying our house/car etc.

But when the shit hit the fan and we needed legal representation, they stepped up and saved us.... Not a huge amount of money, but that was actually life changing (and we're paying it back).

Not everyone needs to own their own house nowadays. Keep your hand in your pocket. You never know when you might REALLY need to dip into it for your wastrel offspring!

Mine will have no excuse btw. He's getting his "child trust fund" thing at 18 with a letter from me ending "Screw that up and you're on your own sunshine!". [emoji23]

Great post! :clap:

I know a lady who ended up bitter and twisted after giving money (for a deposit) to daughter and son-in-law. Money she'd saved to buy a place in the sun. Daughter's marriage went wrong

bluenitsuj · Aug 16, 2019

We have paid into a S&S isa for our daughter since she was 2. She is 18 now but is not going anywhere near the money. We will keep paying into it until she has finished Uni and ready to buy a house. It will be the deposit.

NooBHA · Aug 16, 2019

East Staffs Gull said:
Best-way-to-help-kids-get-on-property-market

Suggest getting a second job. When I was in my twenties I had credit card debt, let alone any savings. I got myself a weekend bar job. Although the pay was poor, it stopped me going out and therefore saved me a fortune each week. It also still provided a bit of a social life. Within months I had paid off my credit card bill and had started to accumulate savings for a house deposit.

Best way to get kids on the Housing ladder and deal with some IHT complexities and negate the need for the parents not to have to purchase a ''Stanner Stair Lift'' or have to adapt the bathroom for ''infirmed years'' of the parents in one swoop.

Gift your house to your child - Let the kids Take a mortgage out ''on the Equity'' in the property to purchase the parents a downsized flat outright.

M - Don't tell that to J though

NooBHA · Aug 16, 2019

pearl said:
Great post!

I know a lady who ended up bitter and twisted after giving money (for a deposit) to daughter and son-in-law. Money she'd saved to buy a place in the sun. Daughter's marriage went wrong

That's not uncommon but there is a way round that by setting up a well worded ''Deed of Trust''

hans kraay fan club · Aug 16, 2019

NooBHA said:
Best way to get kids on the Housing ladder and deal with some IHT complexities and negate the need for the parents not to have to purchase a ''Stanner Stair Lift'' or have to adapt the bathroom for ''infirmed years'' of the parents in one swoop.

Gift your house to your child - Let the kids Take a mortgage out ''on the Equity'' in the property to purchase the parents a downsized flat outright.

M - Don't tell that to J though

Depends how old you / your kids are!

Mine 18 / 20 and will no doubt be looking to move out before too long. I'm 48, and not quite ready for assisted housing just yet!

Wrong-Direction · Aug 16, 2019

Another way to keep the rich rich and the poor poor, we could easily have affordable houses but we dont because the government are *****.
We shouldn't have to rely on our parents

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timbha · Aug 16, 2019

Wrong-Direction said:
Another way to keep the rich rich and the poor poor, we could easily have affordable houses but we dont because the government are *****.

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