It's Twins!!!!!

[Doug99]

My daughter is in the family way again and grandchildren numbers 5 and 6 are inbound ( she already has numbers 1 and 2). All the drinks are on me
The problem..............
Bigger house and bigger car required
Daughter and hubby live in their own home already (mortgaged) but the bank of mum and dad needs to support their move to a larger home.
I've been busy doing the calculations but has anyone done this already and can offer advice?
My house is worth about £250K and almost mortgage free so I have about £230k equity and some savings to play with.
Before you ask..............I am not prepared to downsize in my old age as I've spilt too much sweat and tears on it over the years to hand it over.
Cheers all......hic!

 

[sodthisforfun]

Many congratulations!! That's amazing grandpa
But, personally speaking, I'd not help out if it means doing anything with your mortgage. You don't know what will happen in the future for yourselves.. and your daughter will get your dosh after you've gone..!

 

[Doug99]

Many congratulations!! That's amazing grandpa
But, personally speaking, I'd not help out if it means doing anything with your mortgage. You don't know what will happen in the future for yourselves.. and your daughter will get your dosh after you've gone..!

My daughter is one of three siblings, so anything I give her now will be deducted from her share when mum and dad are gone. Her circumstances
are that she needs the money now and not later.

 

[conny]

Congratulations to both parents and grandparents.

Can't advise on the financial business though, sorry.

 

[fillyboy]

Congratulations Doug, it sounds like they're all lucky to have such a thoughtful parent / grandparent.

 

[sodthisforfun]

My daughter is one of three siblings, so anything I give her now will be deducted from her share when mum and dad are gone. Her circumstances
are that she needs the money now and not later.

Yes, I appreciate that and I think you're a fab parent to want to help, and your Mrs too.
All I was really saying was make sure you can afford it and it doesn't put you in a position of being vulnerable if you had a change of circumstances yourself. As you're talking about helping pay for property, I presume it's going to be tens of thousands?

Your daughter is young I am guessing and early days of starting a family are always a bit tight! Part of the process imo

 

[Mottie]

My daughter is one of three siblings, so anything I give her now will be deducted from her share when mum and dad are gone. Her circumstances
are that she needs the money now and not later.

Congratulations to you both.
Your circumstances are that you may need the money later and not now! My wife is one of three siblings and her brother who is going through a divorce has recently had a very, very large sum of money off of their mother to help fund a house purchase with his new partner. He wanted to take it off at the end as well but if her mother has to go in an expensive care home and lives for some considerable time, there may not be anything left at the end! Her mother has suggested giving my wife and her sister an equally large sum to each of them to even things up but they don’t want to take her money as it may be needed by her to cover care home fees in the future. I can foresee lots of arguments and even a family fall out if things go wrong and I’m sure that’s not what her mother would want to happen. I know her mother wanted to help her child, as we all do, but I’d think about the possible future effects it could have on the other two children if things don’t turn out as planned. Any money given to one child to invest in property will increase in value. Money of the same amount in say 20 years time give to the others (assuming there was money left when you pass) would be worth nowhere near as much making it unfair. My wife and her sisters feelings are that it’s not their money until her mother dies IF she chooses to leave it to them. Have you discussed it with your other children to see how they feel about it? My wife’s mother didn’t and I get the impression that that is upsetting for them both although neither has said as such. Just my two penn'orth.

 

[Brigadier]

If you can't afford it without screwing yourself over, sod them .
The twenty grand you've sweated years to accrue, the younger generation often see it as almost throwaway money.
How much money were they looking for? 10k? 50k? 100k? More?

 

[Brigadier]

Oh, and congratulations to you all!

 

[Notch7]

daughter is in the family way again and grandchildren numbers 5 and 6 are inbound ( she already has numbers 1 and 2). All the drinks are

Congratulations Doug, my very best wishes to you and your family.

 

[Notch7]

Her mother has suggested giving my wife and her sister an equally large sum to each of them to even things up but they don’t want to take her money as it may be needed by her to cover car

My father in law had to go from hospital to a home back in March. Cost is over £1,000 par week.

He it is being funded from his share ISAS and investment portfolio -but since coved the ISAS have dropped £15k in value and the portfolio too.

It's very hard for my MIL seeing her husbands life savings disappear at nearly £5,000. a month. It's upsetting really as my sister in law is disabled and obviously her parents wanted to provide for her.


Motive you make good point about the future, you just don't know what will happen.