Moving back with parents with partner to save for mortgage
Discussion
Anyone done this?
Been renting my current flat with the Other half for 10 months now, we're paying £850, so have basically "thrown away" £8500 since living here.
Getting fed up with paying someone else's mortgage and not being able to save any money, so have been talking with the mrs about moving back to one of our parents to save, she's more keen than me, don't want to move to hers so it would be mine, mentioned it to my parents and they are fine with it, we will of course be throwing them some money.
Potentially could save £1200-£1500 a month, with the idea being to stick it out for 10 months and that being a sufficient deposit.
Sounds good, but the only downside is of course moving back home after living away for so long.
Anyone got any experiences doing the same? Did it work out?
I'm 26 and other half is 20.
Been renting my current flat with the Other half for 10 months now, we're paying £850, so have basically "thrown away" £8500 since living here.
Getting fed up with paying someone else's mortgage and not being able to save any money, so have been talking with the mrs about moving back to one of our parents to save, she's more keen than me, don't want to move to hers so it would be mine, mentioned it to my parents and they are fine with it, we will of course be throwing them some money.
Potentially could save £1200-£1500 a month, with the idea being to stick it out for 10 months and that being a sufficient deposit.
Sounds good, but the only downside is of course moving back home after living away for so long.
Anyone got any experiences doing the same? Did it work out?
I'm 26 and other half is 20.
We lived with my parents for a couple of years in the end, in our early-mid 20s, while my wife did an MSc at the other end of the country from where we were before and after. Even with the luxury of having a separate, self-contained flat I wouldn't recommend it. I'd guarantee you'll be there longer than you're planning for. We didn't manage to save a house deposit and it took quite a few years before we did after we'd left, but with our income at the time it wasn't really on the cards anyway.
That said, if my child wished to do the same I hope I'd oblige.
That said, if my child wished to do the same I hope I'd oblige.
AndrewEH1 said:
LordHaveMurci said:
Myself & my ex did it after renting together for about 3yrs, moved back to our respective parents for a few months to raise that extra cash.
So, you'd advise the OP to do the same? 
It's harder to go back for any length of time when you've had your freedom obviously.
It was the only (legal) way we could have raised the deposit back then.
I'm currently in this position, I've bought a house and due to some delays, I've had to move back into my parents for 5 weeks as my rented house came to an end a 2 weeks ago, as much as I love my parents and I am grateful that they have let me come home for free for a little, I do not love living with them, it's stressful and time seems to be seriously dragging, I have even considered going on a 2 week holiday next week just to get some of my own space back.
I did this about 30 years ago, not to save money on rent but because we'd sold our house, bought a 'doer upper' instead, and had a few months work to do before it was habitable. It was a bit difficult at first until we managed to put a realistic timescale on the refurb. As soon as my parents had a movng out date, it became a lot easier.
I'd advise that if you want to do this, do it far a defined period, set a deadline for raising the deposit you need, then stick to that. It'll be better for all of you rather dragging it out for an indefinite period.
I'd advise that if you want to do this, do it far a defined period, set a deadline for raising the deposit you need, then stick to that. It'll be better for all of you rather dragging it out for an indefinite period.
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