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money for deposit
rexel
Posts: 602 Forumite
how much would you give your son to buy new house as a gift or lend and pay it back at a later day
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Comments
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Would he accept a gift? would he borrow from you and beable to pay back?
How much one can afford is your answer to how much others would pay.DebtFree FEB 2010!Slight blip in 2013 - Debtfree Aug 2014 :j
Savings £132/£1000.0 -
Depends how much effort he'd put in himself. I certainly wouldn't be giving a penny to a child who hadn't bothered to save anything themselves.Accept your past without regret, handle your present with confidence and face your future without fear0
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A loan probably won't help if they still need a mortgage.0
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The same I got - adjusted for inflation .... so £0.0
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if he gets no help will not be able to buy deposit are big now0
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Mortgage provider will need to know source of deposit. You may have to sign it over as a gift as they will probably not lend on a deposit from a loan.Please do not quote spam as this enables it to 'live on' once the spam post is removed.
If you quote me, don't forget the capital 'M'
Declutterers of the world - unite! :rotfl::rotfl:0 -
My parents gave me £10k which I paid back after 5 years when the flat was sold.
The interest on the mortgage was £300 a month less than we were paying rent so buying was cheaper!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
if he gets no help will not be able to buy deposit are big now
Yes he will - it will just take him longer.
Has he saved much so far? How much more would he need?
Has he cut out all non-essential spending - e.g. holidays, meals out, takeaways, new gadgets? If he hasn't then no, I wouldn't give him a bean. If he has then it depends how much money you have yourself as you shouldn't give him your savings if you might need it yourself one day.0 -
I all comes down to personal circumstances, like how much spare money you have to give away and how many children you have. I don't think there is really a right answer.
Id say though if he is working and still lives at home with you he can save for a deposit or should at least contribute something to the deposit.
It is actually possible (with the exception on London) as I bought not that long ago and saved the deposit myself. It wasn't easy as I don't earn a high wage and was privately renting so it took many years but it can be done.0 -
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