Use children's savings as part of deposit?

bouicca21

I think you need to remember that schools have 'lives'. They change, sometimes quite quickly. Just because a school was poor in the past doesn't mean that it still is, or that it will be in 3 years time. A change of head or a head coasting to retirement can all have a major impact on the quality of education. Plus the change in feeder schools might change characteristics of the intake and that will have an effect too.

I'd want to be a lot closer to the transfer into secondary education before making such a big decision, especially if it meant raiding my children's nest egg.

taxiphil

A trustee can't take the beneficiary's money and spend it on himself. End of.

The moral justification running through this thread - "one day the house will be theirs anyway" - is spurious and fanciful. If only life were that simple. Rifts develop between grown children and their parents, or one parent can die and the other can remarry someone younger who will automatically inherit everything.

The only correct way of doing it is like calicocat said - have shares in the house conveyed into their names. But this is going to rack up silly legal costs and creates another potential legal quagmire for them when they grow up.

Westywoodpecker

I completely disagree. If you need the money now that's fair enough.

The kids are 7 & 8, not uni age. As long as the money is paid back with a bit more on top there's no problem in my book.

notanewuser

I thought all school places were now allocated by councils using rather different criteria than just catchment.

OP, as you sure you understand how it works? You could move and not get into the school you want.

Southend1

I think taking your kids money to finance a house purchase is pretty low. The idea of asking them if you can borrow the money is only slightly more acceptable. I wouldn't do it at all, after all the kids trust you. Would it be worth breaking that trust just for the sake of moving to a different house?

hazyjo

If you've not been able to put that money aside for a deposit, how will you find it to repay your children? (Especially if you're increasing mortgage, etc.)

Jx

Duskylady

My opinion.

The source of this money makes a huge difference. If its savings you have put aside for your children then use it if you must and can justify the money is being spent to improve the life of your children. If someone else has given them this money then you cannot touch it without speaking to them first. My parents and I put money into my childrens savings accounts I would use mine if i couldn't see another way but i would never use money their grandparents had given them unless it was a dire dire situation and only then after speaking to my parents.