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prozac

Did you get help from Bomad

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Q.

Did you get help from bomad, or do you expect to.

PS

i did and without that help I would not have been able to buy in London.

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Got 15k from the grandparents. Supplemented with 25k myself and 10k from my gf. But we aren't buying in London with 50k deposit, not worth a lifetime of debt for sod all. Moving to scotland at christmas where our money will go so much further. Might get another 10k from the folks, but, not needed in scotland. Just means a nicer place or less debt 

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I always expected my Mum and Dad would help out but they divorced and spent the proceeds on their own houses and solicitor fees! Ended up moving north to afford a place. I miss London (mostly friends) but being on a relatively low wage there was not sustainable. 

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I got 15k from bomad and saved 35. Enough for Scotland. Lucky my work send me overseas for a couple years so that I could save otherwise there's no way 

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Yes, I would not have been able to move out otherwise it's as simple as that.

 

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No. I live in N.Ireland. I bought after the inevitable carsh without help from BOMAD. 60% drops meant that a couple earning above average salaries didn't have to get help from retired parents. The way it should be. 

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My dad had gambling problem and lost about £300K over his life time.

I gifted him £30k for him to purchase a flat, because I promised my grandma on her deathbed that I would.

  

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Nearly

My mum and dad helped me get started with savings

However my sibling died of cancer as a teenager her pot went to me and my brother + a tiny mortgage = a 40k one bed city center flat.

was on 20k so could have bought easily at the time either way 90's.

ironically I should have bought a 100K+ family home as that would have been 5x my then salary.  They are now 400-500k and 20k jobs are easier to find than 100k ones in Norfolk.

Edited by Fromage Frais

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I bought my first flat itself without help from my parents (in 2000) but my Dad did lend me £1,000 to buy the white goods for it which I paid him back over the next 10 months. 

So I guess arguably that's temporary help from BoMaD but without it I'd have bought the flat anyway and just put the washing machine etc on the credit card and still paid it back over 10 months but with a shedload of interest instead (which is why my Dad leant me the money)

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Not yet.

My current situation is £19,000 savings or £20,000 including the £1,000 LISA bonus. This year I’ve cut out almost all discretionary spending so if the economy goes into recession soon blame me.

Without BOMAD assistance I will buying somewhere North of Watford Gap at some point in the future. If the parents choose to help, I will be able to continue living down south where the majority (although not all) of the jobs in my industry are.

I think (hope?) the parents would help (to some extent) but only if any future partners parents contributed an equal figure.  I’m struggling for the right words here but there is danger of BOMAD money being lost to a future divorce/separation if only one family is contributing. 

 

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Not BOMAD, but BOGAG. I had saved £45,000, and was ready to buy when an early inheritance of £25,000 (which became an actual inheritance during the buying process 😞 ) was given to me. Part of the condition was that it was used to lower the mortgage amount, rather than buy a larger property.

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8 hours ago, peter_2008 said:

My dad had gambling problem and lost about £300K over his life time.

I gifted him £30k for him to purchase a flat, because I promised my grandma on her deathbed that I would.

  

Hat off to you sir. Many would've disowned him. I hope he got help and sorted himself out.

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Bought my first house in 2001 with £7k deposit that I'd saved.

Not had a penny from parents and don't expect to inherit anything from them as since divorcing they both seem to have adopted the ''ski'' philosophy.

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£50k early inheritance from my mum. £45k loan to be paid back over 10 years from wife's dad (when we need it). £75k saved up on our own. And still we rent because all we'd get for all that (plus 4x joint salary mortgage) is a drab 3 bed semi.

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I owe my mum everything for my upbringing (single parent - dad ran off when I was 3), gave her the 30k and had to take out a 20k mortgage to buy a 2 bed house and give her some security in retirement (obviously I inherit it so not completely benevolent), finishing off paying that mortgage for her in March as she is now living only on the state pension after working her whole life and would have had nothing to show for it (mainly worked in the private care sector so not great pay and conditions).

I managed to scramble together 15k and so did the missis so we had 30k deposit on our own house 4 years ago but we had to be careful so found a nearly new build that had fallen in price by about 20%.

After 4 years of paying 2 mortgages I'm just starting to get back in to saving/investing but this has been a massive dent in my retirement plans and the stress of being responsible for 2 homes has been very painful.

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Not a penny. 

Saved hard and got on with it when I could. Mind you, this is in the North East. In London or other pricey cities, forget it. 

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The most important piece of data, is age of the respondent here. Location would come second. 

Someone answering none and who is 50 yo is different to someone who said none and is 30. 

Anyway, we all know how it works, my household income is £6700 pm in London and we are priced out of median London z3 dwellings.

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16 minutes ago, happyguy said:

no but my kids will

I have noticed the drift in ‘ my kids will’ one thing we have learned from this board is, how important money is to survival and how the past has lied to us.

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Just now, prozac said:

I have noticed the drift in ‘ my kids will’ one thing we have learned from this board is, how important money is to survival and how the past has lied to us.

yes money has been important to survival since it came into being though

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in Late 80's, got my first job in't North after uni, 2 years later, a £5K "help" was enough to buy a 3 bed semi with 5% deposit (you could in those days).

Reckon the same help today would be at least £40K - my reasoning being that a much larger deposit is needed to bring down the mortgage (to offset todays increased salary multiple)

To help someone to buy in London? Ouch - more like  £300K help would be needed today

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8 minutes ago, prozac said:

I have noticed the drift in ‘ my kids will’ one thing we have learned from this board is, how important money is to survival and how the past has lied to us.

Yes, agree - Reckon its a consequence of how Thatcher's changes are still filtering through the generations

Is it a good thing? Only if you inherit, you're lucky not to be ill and can provide for yourself.

If not, then I'd like to think that society will continue to adjust.......with more homeless shelters, food banks etc....

.....Welcome to the new 3rd world perhaps  :(

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1 minute ago, rockerboy said:

Yes, agree - Reckon its a consequence of how Thatcher's changes are still filtering through the generations

Is it a good thing? Only if you inherit, you're lucky not to be ill and can provide for yourself.

If not, then I'd like to think that society will continue to adjust.......with more homeless shelters, food banks etc....

.....Welcome to the new 3rd world perhaps  :(

I see something else, the breakdown of elite control, the internet has empowered us, we can no longer be controlled by warm beer and page 3 of the sun

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