According to magicloans.co.uk, a Homeowner Loan site in the UK, many new homeowners get the down payment for their mortgage from their parents. Alternately, parents are serving as co-signers on various such loans when their children run into trouble paying their mortgages.
Actually, my dad helped one of my brothers in this way -- gave him an advance on his "inheritance" in the form of a down payment on J's house. Which is interesting, because he's the youngest and the article states that parents are more likely to provide the eldest child (that would be me, Dad) with this kind of assistance. According to the article, seventeen percent of first-borns (again, that's me, Dad) are given financial assistance by their parents towards buying a home (I wonder what that's like) whereas twelve percent of second-borns receive the same (as far as I know, you didn't help M. out with his house either, Dad) and just nine percent of third-borns will receive a big, honking check towards the purchase of a home. A check which has "You were always my favorite!" written in the memo.
The sort of check I imagine our youngest brother got.
Hey, Dad. I think you owe me a check! ;)
Elle
Actually, my dad helped one of my brothers in this way -- gave him an advance on his "inheritance" in the form of a down payment on J's house. Which is interesting, because he's the youngest and the article states that parents are more likely to provide the eldest child (that would be me, Dad) with this kind of assistance. According to the article, seventeen percent of first-borns (again, that's me, Dad) are given financial assistance by their parents towards buying a home (I wonder what that's like) whereas twelve percent of second-borns receive the same (as far as I know, you didn't help M. out with his house either, Dad) and just nine percent of third-borns will receive a big, honking check towards the purchase of a home. A check which has "You were always my favorite!" written in the memo.
The sort of check I imagine our youngest brother got.
Hey, Dad. I think you owe me a check! ;)
Elle
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