Are you thinking about helping your kids (big kids!) get onto the property ladder? Or have your parents offered to help you buy your first home? If yes is the answer to either of those questions, then you are definitely going to need to talk about it.
35% of first-time buyers are now buying homes with the help of a financial gift or loan from their family, yet there is little information out there about how to go about it.
82% of first-time buyers who received a loan from their parents to buy their first home were initially reluctant*, which shows that people do have concerns about the fact that the introduction of money to the parent and adult child relationship is a significant change.
The Money Charity has teamed up with Post Office to create a guide to help you navigate this new kind of family relationship. What should you discuss? How do you broach the subject of money with your loved ones? What do other people do? This guide will take you through some of the things you need to think about, discuss, and decide together, before the money is handed over.
Click here to download the guide.
*Research carried out by Post Office.
About The Money Charity:
The Money Charity is the UK’s financial capability charity. We believe that being on top of your money means you are more in control of your life, your finances and your debts, reducing stress and hardship. Also, being on top of your money increases your wellbeing, helps you achieve your goals and live a happier more positive life as a result. Read more about The Money Charity here.