When it comes to getting help from the bank of mum and dad to buy a house, six in 10 parents will financially contribute, according to Post Office Money – but, it isn’t always just about the cash injection.
Most people will look to their parents for money to help them pay for a deposit, which is thousands of pounds, and it’s money buyers just can’t raise on their own.
But for me, it wasn’t about the money – in fact, I wasn’t even a first-time buyer; I turned to my parents when I purchased a second home.
I didn’t want any money, but I wanted some temporary accommodation as we wen through a lengthy exchange process – six months!
When we put our first house up for sale, we immediately got a buyer who wanted to pay over the asking price and in cash, so there was no chain – let’s face it, this doesn’t happen often, and we didn’t want to miss that opportunity.
We had our eye on a property to buy and put in and an offer, which was accepted and the owners were expecting to move out in a month.
So, in light of that, we agreed to go ahead with our sale to move out within a month, but things didn’t go as planned; the owners of the new property we were buying decided to take a few more months to move out, leaving us in a rather awkward position of basically no where to live.
But rather than pull out of our sale, we turned to mum and dad to temporarily live with them.
We put things into storage and moved into the parents – not only did they save us the pain of having to find temporary accommodation; they didn’t want us to pay rent so that we could put the money towards our new home.
They also looked after my son a fair bit, who was two at the time, allowing me to go to work without having to fork out for extortionate childcare. Of course, they loved it and would have had him even if he wasn’t living there, but their help was something we couldn’t have managed without. They saved us time and money and we’ll always be grateful for that help.
And now for your chance to win some money…
Post Office is current running a competition, giving you a chance to win £1,000.
To celebrate the things parents do to support their families while they are getting on the property ladder, Post Office Money is launching the Gratitude Bank – giving you a chance to say ‘thank you’.
To enter, you should have received some kind of help from your family – whether they supported with a deposit, rent-free living or even some good advice.
Look for Post Office Money on Facebook or Twitter and tell us your story using the hashtag #OnTheLadder for a chance to win 1 of 15 £1,000 gratitude cheques from the Post Office Gratitude Bank for your parents.
Full terms and conditions are available here.
The deadline for the competition is 30 November 2017.
This is a collaborative post with Post Office Money