Bank of mum and dad

[ryan_w]

I feel I can have some valid input into this...

I left home at 18 and joined the military.

Nine years later I left the RAF and rented a property near Stamford with my ex for 2 years.

When that went pear snapped, I moved back to my mums for 6 months to sort myself out (I paid my way). At the end of the 6 months, I met my now fiancé who lived in Angel (London).

To be closer to my new girlfriend, I moved into a houseshare in Fulham for 12 months at £800p/m.

Things (obviously) got serious with the new girl, and we've been living together in Fulham for 2.5 years now, renting a beautiful 2 bed flat for £2k p/m. It's worth £1mil, something we could never afford.

It's a lot in rent, but we both earn good money and plan to move to Australia at the end of 2018.

My parents have given me no financial support, but they have given me priceless life advice, manners, morals and etiquette, and I thank them for this.

I've had to work my arse off to get to where I am and I now earn more than they ever have, and I get to give back to them.

I'm 32 and I don't own a house, however, when I buy one it will be a house for life with a sub 20 year mortgage.

I don't see the point in skinting yourself and buying at such a young age in today's financial climate, especially in London!

 

[slowwww]

A client of mine has two children, both in their 40s, and both still living at home!

Their son is a geek with zero personality and I don't think has ever had a girlfriend and so that's not a surprise, but their daughter is a partner in an Accountancy practice earning lots, and when she met and married her solicitor husband who is also well paid, rather than she moving out, he moved in!!

Now I love my daughters (10 & 12) to bits and miss them like hell even when they go on a school trip for a couple of days, but surely there will be a time when it's not healthy for them to stay at home when they can afford to move out. I've met my clients daughter and son-in law, and while they're both professional people, for their age they're about the most immature people I've met, I think mostly due to the fact that they've never had to stand on their own two-feet. Sometimes kindness can kill, or be exploited

 

[Chromatic]

A client of mine has two children, both in their 40s, and both still living at home!

Their son is a geek with zero personality and I don't think has ever had a girlfriend and so that's not a surprise, but their daughter is a partner in an Accountancy practice earning lots, and when she met and married her solicitor husband who is also well paid, rather than she moving out, he moved in!!

Now I love my daughters (10 & 12) to bits and miss them like hell even when they go on a school trip for a couple of days, but surely there will be a time when it's not healthy for them to stay at home when they can afford to move out. I've met my clients daughter and son-in law, and while they're both professional people, for their age they're about the most immature people I've met, I think mostly due to the fact that they've never had to stand on their own two-feet. Sometimes kindness can kill, or be exploited

I wonder if they'll move out pdq when the parents get infirm, frail and need lots of care?

 

[PaulSB]

Yikes - I will pay mine off next year at 48 ! We still live in the house we bought when we married 21 years ago.

I'm 62 and we've been in our house for 33 years. We paid £23,000 and people thought we were mad - current value is £300k, useless, meaningless sum as we will never move.

Our mortgage was paid at 50 and I've poured the mortgage payments and every penny of spare cash in to a private pension since then.

The end result is my wife retired last May at 60, I retire March 31st at 62. Until the state pensions kick in our pensions cover living costs, once these start we will be very comfy. In the meantime we will fund travel from our lump sums. My advisor says we will not run out of cash even if we reach 100.

When the children, 30 and 24, want to buy houses we will help with deposits. One shows no inclination and the other is not, in my opinion, fully committed to his relationship - that raises a HUGE problem if we help.

I consider us to be enormously fortunate and privileged to be part of a golden generation the like of which we will never see again.

In many ways I blame successive governments for failing to develop our society in an adequate and sustainable manner. If only there had been the foresight to invest in people, industry and infrastructure through sensible levels of taxation, that is higher, we would not be in the difficult and unfair situation we are today.

 

[fossyant]

I wonder if they'll move out pdq when the parents get infirm, frail and need lots of care?

They will be out of the door no doubt.

We spend time looking after MIL, despite carers for 4 times a day, plus a friend takes her out twice a week (she has a befriending service and it's great). I do wonder what will happen when my folks get ill, as two of my siblings have my mum and dad do jobs round the house for them, and my mum cleans - both aren't short of dosh though, but you wonder how much 'time' they would give up to look after my parents as they are getting to the age things go wrong - my MIL has needed care since her early 70's and we've had over 10 years hard work.