Daughter is looking to buy first home

youth_leader

Thank you everyone, such a lot of good advice, I've made notes.  

@YoungBlueEyes, where is the NI section of the forum?  My daughter is English, boyfriend from Belfast, they are looking in the area they've been renting in for several years. 

RHemmings

I must admit that my first unexamined thought is 'give them more money'. 

If you can do it, then it will make their lives easier. There are downsides of course. 

EDIT: How about offering to pay for their conveyancing solitors and make sure they get a really good one. If they are short and having to budget for that. Yes, I noted the statements above that they are adults and make their own decision. 

YoungBlueEyes

https://forums.moneysavingexpert.com/categories/n-ireland

Although my answer doesn't apply now as boyfriend is from Belfast. 

Happy house-hunting  

WellKnownSid

Exciting time for them!  We're going through this ourselves - DD and partner were a little too settled in their rental despite us dropping lots of hints - thankfully their LL was generous enough to put their rent up by 20% and just 30 days later they have survey, valuation, mortgage offer through, vendor has already completed the snags from the survey including electrical and gas certificates and they're just awaiting searches to come back.

If they're close to a mortgage rate breakpoint e.g. 90%, 85%, etc then it's worth giving them what you can as it'll bring their rate down a smidge.

Make sure they're not railroaded by the EA to take their recommended solicitors / mortgage advisors... "don't worry we can take care of that for you..."

Also, as FTBs they probably won't think to get competitive quotes for things like insurance, life cover, critical illness, income protection, removals, etc.

I would second seeing plenty of properties.  It seems to be a tad of a buyers market in some areas at the moment with a lull due to the election and heading into Summer.  It is possible they may have different tastes, perceptions - and likes / dislikes - when it comes to buying a home together.  You can certainly help by joining them for a few viewings and assessing / feeding back on how they felt - teasing out what was right, what was not right.  You only have to do this a couple of times to make subsequent choices and viewings much closer to target.

Overall I can vouch for the entire process so far being much simpler than renting.  Renters are pretty much on their own whereas buyers get solicitors, financial advisors and surveyors on their side - you also certainly help them out if you have any recommendations there.

youth_leader

Thank you @YoungBlueEyes, it didn't even occur to me that a NI forum would exist on here.  I'm going over to see them in August for a few days and hope to discuss everything then.  I don't know the area, I've only been once for a few days.  Stayed at the Premier Inn in the city during the Irish Dancing Championships, the dynamic pricing is scarily expensive!  My daughter worked as a trainee director on Hope Street and she drove me to Donaghadee where it was filmed. She also worked as third director on series 1 of the Blue Lights drama.  It was only then I realised the police in Belfast are armed.  She has always said they would buy in NI, and would rather stay in the city.

@RHemmings I'm alone and I'm worried to spend any more of my future 'care' savings - I gave both my son and daughter a deposit each,  and have kept £5K back for when either of them decide to marry. 

YoungBlueEyes

You're very welcome. The NI section isn't as quick moving as some of the other boards but still, it's there

In answer to your actual question - I would say I'd offer to help once and then as long as they know you're there I'd leave them be. Refering them to this place might be the most helpful thing (other than financial) that you could do for them. The stickies on the house buying board are quoted regularly, and any individual questions can be answered by the very knowledgeable posters that inhabit the board. I believe the mortgages board is similar but I don't read that one myself.

wjr4

Make sure they both take out income protection insurance. 

youth_leader

Thank you wjr4, I've just looked it up.  My husband and I got caught out paying mortgage protection payments so I'll research carefully.

Yorkie1

If you're visiting them when they are starting to view properties, it could be helpful to accompany them to point out things to look for, which as a renter they wouldn't previously have had to consider and/or deal with. e.g. are the gutters blocked (possible damp issues) etc.

wjr4

youth_leader said:

Thank you wjr4, I've just looked it up.  My husband and I got caught out paying mortgage protection payments so I'll research carefully.

Income protection is different to mortgage protection payments 🙂