Bank of mam and Dad,do you have you?

ChemistDude

For me and my brother when we were aged 17 and 18 respectively my mum and dad put down in excess of £100k for house deposits and fixtures (flooring, tiles, even cabling for 5.1 and wall mounted TV put in chimney breast which went obsolete (had component wired in but then HDMI came out rendering their hard earned cash useless)) on 2, four bedroom detached new builds worth £180k 3 years before the crash.

We were forced to get jobs (manual labour ones) so that we would get our !!!!!! into gear and be responsible to make sure we knew we'd be lifers if we didn't study hard and get into well paying professions. I quit my job after first year uni as it was tough to do both. Hope to be done with the £43k mortgage left by end of next year (will be aged 32 by then).

Bought a BTL last year but we're going to let the tenants pay that mortgage off. After that, disposable income will be used to build grow wealth massively (thinking more property, stocks ISA's full of funds, perhaps a business venture or two).

A mistake my parents made was not getting pensions for themselves (i.e. looking after themselves first). I take pleasure in having them live with us and our little one and hope that by making shrewd decisions now it will pay off in my wife and my retirement. We will teach our son the value of money and he's not getting as spoilt as we were. Boy's gonna have it hard , but he will learn the hard way and there'll be surprise house deposits/student loan clearance and lump sums throughout his life milestones if I can see that he's on the right path using money wisely valuing it.

Mrs_Optimist

Help from Bank of Mum and Dad?

Absolutely not !

Person_one

DesiBadBoy wrote: »

Bought a BTL last year but we're going to let the tenants pay that mortgage off. After that, disposable income will be used to build grow wealth massively (thinking more property, stocks ISA's full of funds, perhaps a business venture or two).

Aren't you a character on something?

ChemistDude

Person_one wrote: »

Aren't you a character on something?

No I'm not a rascal if that's what you're thinking

Morglin

Not only are we the bank of mum and dad, we are also the bank of Nan and Grandad.....:whistle:

Gets a bit hectic with 4 adult kids and 10 grandchildren.....:eek:

Still, it's all about family, and we don't mind.

Lin

inkie

Daughter at uni and getting married this summer. We are paying for wedding - given them £5k budget to play with and what they don't spend they get to keep and they've come in at £2k for wedding so far. So £3k in their pocket towards a house deposit.