How the 'bank of mum and dad' shells out £43,000 AFTER a child has reached 18

PasturesNew

FTBFun wrote: »

I would say that a joint couple having more than £650,000 of assets (i.e. more than the joint nil rate band for married couples/partners)isn't particulary uncommon, especially because of the way house prices have gone in recent years.

I did know one person, years ago, that might apply to. He was an owner of a double glazing firm, along with the manufacturing plant. I bet his current house is worth that much.

So in my whole life that's one couple, not a lot is it.

I'm only guessing at that value as I know they sold their house in 2002 for £350k, although zoopla says it's only worth £390k now. So maybe, if they traded up MASSIVELY back then, they might be worth that much.

They were "loaded". They had new cars and a new house and a big conservatory and the kids went to private schools and did "stuff", like having horses.

And they went abroad for holidays, to posh places. So not a caravan in Benidorm. I used to feed their pets.

lostinrates

PasturesNew wrote: »

I did know one person, years ago, that might apply to. He was an owner of a double glazing firm, along with the manufacturing plant. I bet his current house is worth that much.

So in my whole life that's one couple, not a lot is it.

I'm only guessing at that value as I know they sold their house in 2002 for £350k, although zoopla says it's only worth £390k now. So maybe, if they traded up MASSIVELY back then, they might be worth that much.

They were "loaded". They had new cars and a new house and a big conservatory and the kids went to private schools and did "stuff", like having horses.

And they went abroad for holidays, to posh places. So not a caravan in Benidorm. I used to feed their pets.

what about all the people that have holiday homes near you? What about the occasional one living all the time in an old vicarage or similar round there?

tattycath

University-I funded it
car-Dad did help us out because the old one blew up a week before we were due to marry
wedding-parents gave 1/5th of the cost-we had a budget wedding anyway
house deposit-husband already had house when i moved in

In sticky times Dad has helped out with several things-at his insistence, NOT because we asked.
No where near 43K though

sammyjammy

PasturesNew wrote: »

What a load of old assumptive toss.


For me:
University: Never went
Weddings: Never had one
Car: I bought that
Deposit for house: I saved that

What a load of old tripe.


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Same applies to me, my parents have two other children, my brother and his girlfirend after getting pregnant at aged 16yrs have had 20yrs of support and financial assistance, its made them lazy and they take it for granted. My parents don't have highly paid jobs, they are nearing retirement age and I wouldn't them to spend their savings on me. If they were affluent I'm sure they would have done all these things for us if they could have.

edinburgher

For me:
University: Never went
Weddings: Never had one
Car: I bought that
Deposit for house: I saved that

What a load of old tripe.

Your first mistake was reading the Daily Mail

University: went twice, rented privately throughout and didn't get a penny from the parentals
Weddings: getting married this year, fiancee's folks are paying (thanks guys!) Total cost about £8k, my folks giving us £2k
Car: never had a car
Deposit for house: fiancee's folks gave us £10k, but this was in turn a gift from someone else that had been broken down among siblings and doesn't count for the purposes of this survey

Cost for my parents since I turned 18: £2k?
Cost for my fiancee's parents since she turned 18: £18k (£8k of their own)

Now my sample of two is hardly representative, but the Daily Mail would appear to be talking @rse as usual...

PasturesNew

lostinrates wrote: »

what about all the people that have holiday homes near you? What about the occasional one living all the time in an old vicarage or similar round there?

I don't know/see them. The holiday homes are empty. They're just theories, you know it's been sold, but they're empty.

They're owned by posh people who I never meet - and people who are elsewhere in the country that I also never meet or even see.

What vicarage? No idea what that's about.

Niv

For me

Uni: Parents paid my resnt
Wedding: partners parents contributed some, not alot (but very much appriciated)
Car: Dad gave me his old one he was going to get scrapped (was worth about £100)
Deposit for house: 110% mortgage - good old NR

So yes they have spent some money on me post 18, however nowhere near the £43k nearer a 1/4 of that. I do remind them that this was a wise investment as I will be the one choosing thier care home ;-P

silvercar

What my parents did for me:

University: No tuition fees, they made up the maintenance grant to the level I would have got had they been on low income.
Weddings: Completely OTT, but their choice, their money. We were only young and did what we were told. I think the first time I saw the invitation was when mine arrived in the post!
Car: Wedding present
Deposit for house: We saved that.

What I hope to do for my kids:
University: Some support while they are studying so they will only need to work in the holidays. If we have enough we will pay to reduce their loan - sliding scale based on their result.
Wedding: We'll contribute to it.
Car: Bought first car and insurance for them to share, after that they are on their own.
Deposit for house: We will help if we are able to.

ultrawomble

Polytechnic - £50
Wedding - not married
Car - don't drive
Deposit - inherit family pile