How many first time buyers get financial help from parents?

[ChuckaBuckaBingBong]

Saw this come up in another thread and I'm interested to see what the norm is. Financial help can come in a gifted cash deposit, free rent while saving, loans etc

Also is there a stigma attached to people who have financial help?

 

[Taetae95]

I think discounted or free rent is fairly common these days when people stay at home to save. I don't think there is stigma attached unless it's those headlines like "22 year old buys £400k by saving alone" without giving the full story of how much help/privilege is involved!

 

[VomitCulture]

Everyone I know bought their house by living with their parents for free/minimal rent whilst saving

 

[ispywithmylittleeye59]

My parents helped me with my deposit. I think most parents do help in some way tbh.

100000% there is a stigma attached to it - I still don’t tell people I own my place for fear of being judged! I have a lot to say about it but I won’t for now

 

[CherryBakewell]

When we found the house we ended up buying we were about £2000 short for a deposit but we fell in love with the house, the location, it was perfect for us (plus I was 5 months pregnant at the time and the house we were renting was mouldy and had a lot of problems with it so we were in a bit of a rush) so my parents lent us what we needed to get our deposit in place. I think most parents would do that to help their child but there is a stigma without a doubt!

 

[Happy35]

I gave my son £10000 for his deposit, the builder matched it so he had 10%. I also let him move in with his partner and our granddaughter for 6 months so they could save for carpets and furniture etc.
I never knew there was a stigma, I was a young parent and thought of it as giving him a bit of inheritance early as hopefully it will be a long time until he inherits the rest

 

[about.a.girl]

I didn’t get help first time round but was in a situation of negative equity when I moved so my parents helped them ... I think there is a stigma but times are so tough. I know I would do anything to help my kids if I was in the position to do so

 

[TravellingPants]

I did. Lived with them while I saved and received help with my deposit. I’m always open about it, it would be ridiculous to pretend I’d been able to buy my flat otherwise.

They have always been clear that this will be reflected in how things are split in their will as my siblings haven’t had the same (yet).

 

[Kimmylookatme]

I don’t own a house and probably couldn’t without financial help from my parents. Well definitely couldn’t haha, not for a loooong time anyway!
out of my friendship group from school (7 of us) 5 are now homeowners, 3 of them bought literally in the last couple of months. 1 had a load of inheritance from grandparents, 1 did it all themselves, 3 had some form of help from parents. There is a bit of stigma attached to it but there really shouldn’t be, house prices are mad.

 

[The Dowager]

For the friends and family that I'm close enough to know the details, all have had some term of parental support. Some of had tens of thousands for deposits, other have paid minimal / no rent while living at home, others have built savings from student loans etc has they had uni fully paid for them.

Among my peers, network etc I haven't seen or heard anything I'd call stigma about receiving support; if anything, I've had a number of people be completely baffled that others don't have parental support, and feel a bit snobbish about those who haven't bought a house, despite not understanding the difference that family support makes, even if it's 'just' a few hundred pounds here and there.

 

[tskiry56]

My parents helped me buy my first home as I could only get a mortgage for half the amount. I was incredibly lucky that was the case at the time as it meant when I split with my ex he had no tie or right to the house.
I then sold that house due to ptsd and bought my current house with there help.
I’m now in the process of selling and buying with my current partner. I can now repay them for everything they have done for me over the last few years.

 

[FunkyMonkey]

We got help too, my parents ringfenced some inheritance for us. We were very lucky. As a parent myself if I am able to help my daughter I will, as much in the spirit of preferring her to own an asset rather than pouring money in to someone else’s mortgage as anything else.

 

[slugella]

My partner and I both have inherited some money from a parent passing away. This will be helpful when we do buy but obviously would rather them both still be here than have the money.

When I lived with my mum for a while I gave her money toward rent and food. Not as much as if I would have rented privately though which also helped to save.

All the friends I know that own a house had some help buying, either living with parents for free or help with deposit.

In terms of stigma, based on people I know, it seems the people that haven't bought a house get judged more. People can be very snobby and judgemental about renting. Which I think is ridiculous. It's so hard to buy without help or an insane salary, and harder for single people, and sometimes renting makes more sense. For example I've rented a lot as I've moved around a lot and knew I wouldn't be there long enough to make buying a house worth it. It can also be fun to rent with friends when young. Though I know a girl who did this and her dad just bought the house out right for her when he heard, oh how the other half live

 

[Justwannaseescreenshots]

I own outright with partner from a loan from parents paid back monthly at an affordable rate plus was gifted a chunk of it to put down for a deposit so some isn’t repayable.

 

[Polkadot123]

I lived rent free with my parents whilst I saved. Had no help with the deposit. But obviously not paying rent helped massively.
And my partners parents paid our solicitor fees.

 

[ThePowderMonkey]

I have a friend whose parents gave him over £100k - insane

 

[judgejohndeed]

We had no help because our parents didn’t have anything to give us. The stigma is stupid though, it’s natural that parents who can afford to help their children will want to, I’m 100% mine would have if they could. Better to help you out now buying a property when you need it than getting an inheritance you don’t need in years to come.

 

[Amyx1518]

I am moving into my first home (shared ownership) next week and I’ve had help from my parents for the deposit. I moved into private rent at 18 when I was pregnant, then got a council flat 2 years later and have lived there since 2013.

 

[JellyWobbles]

No help. Got kicked out at 15, never had any help since everything’s been off mine and my husbands own back. I don’t think there should be a stigma, but it does irk me that some people truly don’t know how lucky they are - that’s my problem though and I’d absolutely want to help my daughters buy their future home in any way I can.

 

[btw]

Still at uni so haven’t brought yet but I am super lucky and privileged to have a deposit already through grandparents gifting money + some inheritance. I think their is a stigma from receiving financial help and I often the people who are most vocal about the stigma is people who aren’t in a position to receive help from their family. I personally think as long as you recognise your very privileged and lucky to receive help then their should be not shame in it. I hope in the future, I’ll be in the position to support my child to help them reach their goals. I personally think every single person would help their child get on the property ladder in today’s tough market if they could!