Financial Advisers in Chingford

“We’d like to help the children, but we don’t want to run short ourselves.” It is one of the most common things parents and grandparents say to us. This page is for Chingford families weighing up how much they can give, when, and in what form, without putting their own retirement at risk.

Chingford on the forest edge

Chingford is in the London Borough of Waltham Forest, on the north-eastern edge of London. Epping Forest runs right up to it, and Queen Elizabeth’s Hunting Lodge stands on Chingford Plain, a short walk from Chingford station at the end of the Weaver line from Liverpool Street. To the west, the King George V and William Girling reservoirs line the Lee Valley.

Our office is in Roydon, a little further up the Lee Valley in Essex. You can book a free video call online, or ring 0333 011 5550 if you would like to sit down with us there.

Start with your own plan

It sounds backwards, but the best way to help family is usually to make sure your own future is secure first. Retirement can last thirty years or more, and later life may bring care costs. Money given away cannot easily be taken back.

Cash flow planning lets us project your income, spending and savings forward and then test a gift: what happens to your plan if you give a lump sum now, or help with a monthly amount for several years? If the plan still holds up under sensible stress tests, you can decide with a clearer picture, although projections rely on assumptions and real outcomes may differ. If not, we can look at a smaller amount or a different timing.

Common ways families help

A house deposit

Lenders will usually want to know whether money from family is a gift or a loan, and may ask for a letter confirming it. Some mortgages let a family member’s savings or property support a purchase in other ways. Kealy Ball can explain the options. See our first-time buyers guide.

School or university costs

Grandparents sometimes pay towards school fees or university costs. Planned well, these payments can also form part of their estate planning. We explain how grandparents’ payments can be planned on our school fees planning page.

Regular help

Helping a little every month, for example towards nursery bills or a child’s savings, is another option. Where these payments come from spare income rather than capital, and a clear record is kept, they may be exempt from inheritance tax.

Saving for grandchildren

Money can be put aside for children in several ways, including pensions and investment accounts held for them. Each has different rules about when the child can access the money. We can talk through which suits your aims.

The tax side, in brief

Anything you give away may eventually reduce the inheritance tax due when you die. A handful of gift types are exempt immediately, while bigger gifts generally drop out of the calculation once seven years have passed. This does not apply if you keep benefiting from what you have given away, for example by carrying on living rent-free in a home you have passed to your children. For the detail, visit our inheritance tax planning page. The rules depend on personal circumstances and can change.

Keeping it fair

If you help one child more than another, it is worth thinking about how that will feel later, and whether your will should reflect it. Talking it through as a family, and writing down what was given and why, can prevent misunderstandings. Your will itself is a job for a solicitor or a qualified will writer.

If you are on the receiving end

If parents or grandparents have offered help, it can be worth getting your own house in order too: the right mortgage, enough protection for your family, and a pension that is on track. We are happy to speak to both generations.

Nearby pages

Frequently asked questions

Important: This page is general information about the areas we serve and the services we offer. It is not personal financial advice. For advice on your specific circumstances, please get in touch.