FTBs - are you buying with your own deposit or bank of mum n dad?

Velvet_Glove

Bit of both - our share was the largest though.

kingstreet

Kayalana99 wrote: »

Dad, I would rather have done it on my own two feet but tbf it is a loan not a hand out.

And I don't think 21 is a bad age to get on the property ladder :-)

You telling your mortgage lender that?

demontfort

35% Deposit (£100k plus) all my own money earned through hard work and judicious stock market trades plus I'll still have £120k savings left in the bank.

Sure I could have gone to sniveling to my parents with the begging bowl but then I'm a grown man with too much self respect.

sinbad182

demontfort wrote: »

35% Deposit (£100k plus) all my own money earned through hard work and judicious stock market trades plus I'll still have £120k savings left in the bank.

Sure I could have gone to sniveling to my parents with the begging bowl but then I'm a grown man with too much self respect.

This seems totally believable and not remotely over-egged

lexilex

We have managed to save 10% in a year and are just saving up for fees now.

We're lucky with live in an area where house prices are relatively cheap. We are hoping to get a 3 bed house for around 100k, less if we decide on a 'project' type house.

I feel for people who are living in areas where houses are so expensive, especially those buying a house as a single person, and can see why relying on parents for a deposit is sometimes the only option. There's just no way I could even afford the monthly mortgage payment alone.

We have friends that were totally reliant on parents for their deposit. The same parents then funded pretty much all the renovations in the house. A year later they decided to move and let the old house out. Parents put another deposit down for the second house. I found this unbelievable, and felt quite sorry for the parents really. It made us determined to do it all for ourselves. I am sure when it comes to it our parents will be buying us bits and pieces for the house, but I am proud we've saved the deposit ourselves.

Reue

Currently saving for the 20% (at least £40k here) ourselves.

About 5 or 6 of our friends have already got houses however all of them were funded by parents. I believe we are the furthest along 'self-funded' couple in the friendship group.

Jaybo10

We've saved the deposit but we did move back to my dads to do it.

We pay bills and rent here instead of private rental which enabled us to save at a higher rate.

It has taken over 2 years but we've started looking now!

NinaSwiss

A little over 20% deposit (40k by completion) funded from years of frugal living, plus a little extra for fees, basic furniture and a small emergency fund.

When I started saving (about 5yrs ago), I was on very modest wage so even though I kept saving, owning a place wasn’t realistic as I wouldn’t have been able to get/afford a mortgage in London. So in addition to saving, I had to work on getting a better paid job to improve my chance of affording a house and a better living standard in general. If all goes well, I’ll be moving in to my new home in a month or 2 at age 29.

bobwilson

Mine (30%, £100k). Been saving for the past 25 years to buy a property in London, hence the huge deposit. Stayed in a mundane job which pays the bills and made other sacrifices, I stated in while everyone else went out drinking and having fun, for many years. I saved birthday money from age 5. My partner has to support older family members on a 25k salary so its been a struggle to save on my salary alone. Proud to say we finally owned our first home last year at the age of 31.

Parents are still paying off a small amount on their mortgage, so would never ask them for money towards mine.

u sound just like me panda78- good to know there are still a minor few not able to use this "bank of mum n dad".

Katie__3-2

7.5% me
7.5% parents
85% mortgage

Bought at 21.


Oh, and I didnt ask them for the money. They offered and I am very grateful to mum and dad for their help, now we seem to pass the amount back and forth between us depending on who has the money when one of us needs a new car ect.