We had to fill out the same letter when we helped my son buy his first house in 2019. We gave him $25,000. My parents gave him $5000.In the U.K. if you help a child with the deposit, it has to be made as an unconditional, absolute gift. You have to sign a letter confirming that. Otherwise, the banks get fidgety about offering a mortgage.
We prefer to help our boys with money for a house, or for retirement. If we just give cash, it would be spent on a Rolex or a range rover!Quite a chippy thread. Would any of you buy your children a Rolex or a diamond necklace? What do you consider to be the ‘acceptable’ amount for a gift?
Agreed. I know my parents will always help me if I need it in any way they're able. They're comfortable, but not rich or anything, so I do decline money if I don't need it. I've loaned them and my sister money, too, without interest or any pressure to rush to pay me back.My parents did not help monetarily as they did not have money to share but helped in so many other ways.
My wife's parents gave us $30,000 to cover the down payment.
I plan to help my kids as much as I can.
My daughter is moving to her first non college place at the end of July. I have paid all the necessary deposits and bought her some needed furniture(bed, dresser, mattress). Back in 2019 I bought her a car that should last her many years into young adulthood.
I don't see any reason not to try and make my children's lives easier or better than mine at that same age.
My parents helped as much as they could and in turn we helped them as much as we could. The same for my in laws.
That is what family does.