money for deposit

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rexel
rexel Posts: 595 Forumite
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in Marriage, relationships & families
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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  • savingmummy
    savingmummy Posts: 2,915 Forumite
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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.
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  • peachyprice
    peachyprice Posts: 22,346 Forumite
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    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.
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  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    A loan probably won't help if they still need a mortgage.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
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    The same I got - adjusted for inflation .... so £0.
  • rexel
    rexel Posts: 595 Forumite
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    if he gets no help will not be able to buy deposit are big now
  • Money_maker
    Money_maker Posts: 5,471 Forumite
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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.
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  • pinkshoes
    pinkshoes Posts: 20,120 Forumite
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    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!
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  • LilElvis
    LilElvis Posts: 5,835 Forumite
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    rexel wrote: »
    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.
  • SavingPennies_2
    SavingPennies_2 Posts: 869 Forumite
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    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.
  • peachyprice
    peachyprice Posts: 22,346 Forumite
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    rexel wrote: »
    if he gets no help will not be able to buy deposit are big now

    C'est la vie.
    Accept your past without regret, handle your present with confidence and face your future without fear
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