FabSwingers.com forum: Getting on the property ladder...

By *isscheekychops OP Woman
over a year ago

The land of grey peas and bacon

My parents came up to see me and my dear mother has always been anti renting as she states is dead money... So they have now said that they are going to front the cash for me to get on the property ladder.. Are we in a situation where "first time buyers" are being helped out by mum and dad to get on the property ladder? If it was not for my parents fronting I would never been of able to get on the ladder...

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By *ucsparkMan
over a year ago

dudley

A parents love has no bounds, good luck with the house search

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By *opsy RogersWoman
over a year ago

London

If you are renting from the council, you may be eligible for a one off payment to put towards a deposit.

I was about 15 years ago but I badgered my local council until they begrudgingly gave me 6 grand to get me on the mortgage ladder.

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By *isscheekychops OP Woman
over a year ago

The land of grey peas and bacon

"If you are renting from the council, you may be eligible for a one off payment to put towards a deposit.

I was about 15 years ago but I badgered my local council until they begrudgingly gave me 6 grand to get me on the mortgage ladder."

No I am private renting.... I can't wait about 3 years to get a home off the council...

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By (user no longer on site)
over a year ago

"If you are renting from the council, you may be eligible for a one off payment to put towards a deposit.

I was about 15 years ago but I badgered my local council until they begrudgingly gave me 6 grand to get me on the mortgage ladder."

Begrudgingly? Private renters get no help

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By *abioMan
over a year ago

Newcastle and Gateshead

"My parents came up to see me and my dear mother has always been anti renting as she states is dead money... So they have now said that they are going to front the cash for me to get on the property ladder.. Are we in a situation where "first time buyers" are being helped out by mum and dad to get on the property ladder? If it was not for my parents fronting I would never been of able to get on the ladder..."

its an interesting question.... because of the banks/building societies are not giving 100% mortgages I think it hasn't helped younger buyers

without the help of my mum I wouldn't have been able to get on the ladder.... not because of the payments, but more of the deposits they are now asking for before they will even consider you.... 5 or 10%

I think I read the other day that the average age of the 1st time buyer now is now early 30's

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By *opsy RogersWoman
over a year ago

London

"If you are renting from the council, you may be eligible for a one off payment to put towards a deposit.

I was about 15 years ago but I badgered my local council until they begrudgingly gave me 6 grand to get me on the mortgage ladder.

Begrudgingly? Private renters get no help

It was begrudgingly. All councils had been allocated funds to give to tenants to free up council property for those unable to get a mortgage but I had to fight for it.

I know all about renting privately. My daughter who is a single parent of three, my son and two of my sibs all rent. None from councils or housing estates. My daughters landlord is a solicitor and the house she rents is in a bad state. He refused to fix the boiler last winter. He expected my daughter to pay for the repairs.

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By *opsy RogersWoman
over a year ago

London

Housing *associations*

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By *ENDAROOSCouple
over a year ago

South West London / Surrey

Happy house searching

We have just been lucky, we first got on the property ladder around 13 years ago before the prices started to go through the roof. If we had waited a few more months then we wouldn't have been able to afford it.

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By (user no longer on site)
over a year ago

My parents helped me with the deposit when I bought my first property back in the late 80s.

I also had what was known at the time as a shared mortgage that was made available to key workers, in that the lender had a share of the property, depending on how much they lent me.

I had a near 100% mortgage at the time, which meant I would need to split the profit 50/50 with the lender when it was time to sell or re-mortgage.

It was the only way I was able to buy my flat in central London at the time.

It was very sad to have to sell that little shoe box of a flat in order to relocate to the south where I am now, as I have had some fun times and great memories when I lived there.

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By (user no longer on site)
over a year ago

I think this government is now trying to implement a system where grandparents can dip into some of their pension pot early to fund a down-payment on their grandchildren's property.

That is of course if there is any of their pension pot left!

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By (user no longer on site)
over a year ago

we rented private when first together and my mom badgered us about buying for the 2yrs we were there, my parents couldn't afford to help with the deposit to buy but instead told us to move in with them rent free until we could save a deposit to buy, we did and 18 months later we brought our house a proper run down mess(all we could afford)13 yrs later and about £40k doing it up slowly think we are nearly there now, but do feel for anybody trying to get on the ladder

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By *adystephanieTV/TS
over a year ago

glos

Ok so I cant really know about your parents finances but if they have the money to spare you and they would probably be better off doing it right now, as for sure HMG will fuk with inheritence tax again when they need to top up civil servant pensions

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By *isscheekychops OP Woman
over a year ago

The land of grey peas and bacon

God its hard work.. nothing is catching my eye apart from 1 house which £15,000 over my budget....

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By (user no longer on site)
over a year ago

"God its hard work.. nothing is catching my eye apart from 1 house which £15,000 over my budget....

Dont just look to your budget, depending what it is look at least £5000 over, as an agent I can't afford to rent privately or get on the property ladder, and the council will not help me as I have only me to think about and a decent job in their eyes.... Makes me mad sometimes

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By (user no longer on site)
over a year ago

As I see it it's worth giving the kids the money to get rid of them and have some privacy for naughtier times. They could wait until you die but then that's too late and they could be paying tax on it.

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By (user no longer on site)
over a year ago

Try auction sites and repossessed properties more rooms for your dollar may need to get a fixer upper but that is what is great about nest building x

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By *arambarMan
over a year ago

swindon

"God its hard work.. nothing is catching my eye apart from 1 house which £15,000 over my budget....

It's a buyers' market. You could very well find that the 15K is negotiable.

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By *histler21Man
over a year ago

Ipswich

Despite my son and his girlfriend having an annual salary of over a quarter of the property's value - it still took a sizeable chunk of my savings to make up the deposit before they were offered the mortgage.

Fortunately, a sizeable inheritance allowed me to buy a place for my daughter and her boys.

The pittance earned on savings doesn't impact me at all now... I figured - the banks will rob me blind on the interest they (don't) pay - might as well spend it for the benefit of my family.

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By (user no longer on site)
over a year ago

If still looking, look at all the main websites to get an idea of value. Also look at people who are facing repossession could get a deal and save them some money.

Avoid auctions unless confident you know what you are doing, if in doubt find a good local agent who will give unbiased advise without wanting to line their pockets.

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