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To ask how you managed to buy a house?

(455 Posts)
ditziness Sun 16-Sep-12 21:21:35

We pay close to a grand rent a month. It's of our friend's mortgages are cheaper. As a consequence it's very difficult to save. But save we must to tryand get a deposit. So we have to continue to rent

Stuck in a vicious circle.

How the hell did you manage to buy a house?

Any financial, deposit raising, mortgage getting advice welcome

Downandoutnumbered Sat 08-Dec-12 10:22:59

It was luck in our case. We're old enough to have bought in London before things went crazy, so had the equity to be able to move a bit further out of town and swap a flat for a house. We couldn't have done it if we'd started five years later, even though I'm decently paid, which is a sobering thought.I'm lending my sister a deposit for a house out of London (in north east which is why I can afford it) as she hasn't a Snowflake's chance in hell of saving it while paying rent.

ditziness Sat 08-Dec-12 10:45:12

yes it's a loan, that we'll pay back over 5 years and as I said before, paying that whilst paying the mortgage and council tax and insurance, is still less than our rent was. So we're kind of saving in reverse. Which is brilliant!

ditziness Sat 08-Dec-12 10:50:52

fantastic, down and outnumbered! That, in my opinion is what needs to happen if people are ever to get out of this crap situation. People with houses who have savings or equity they can release should give friends and family loans to enable them to save whilst buying. Because you can save with a mortgage, but not whilst paying rent. We're paying back our relative with the same interest she was getting on her savings. All she's lost is access to the whole sum of money for five years. All the people on this thread who have benefitted from the housing market and have the means to help someone out that they know should. I think it's a moral obligation

Toadinthehole Sat 08-Dec-12 10:57:31

1. Rented a shit house in a shit area.
2. Borrowed from parents (who did nicely out of the housing boom)
3. Bought after prices crashed.

Now have a relatively small mortgage - but the truth is that it's mostly due to 2. blush

stargirl1701 Sat 08-Dec-12 11:03:21

I saved from 16-22 while I was at school and Uni. I had a number of jobs and tried to spend as little as possible. I bought a cheap first house with a 95% mortgage and tried to add value to it as well as trying to pay off as much of the mortgage as i could afford to. Sold it after 2 years and bought a flat with an 80% mortgage. Same story as the house. Sold it and bought another flat with a 67% mortgage. These properties were sold in a booming market - 1999 till 2006.

Now stuck with my flat as I could only sell it by losing a fair amount of equity. My DH also has a flat in the same circumstances. So, we rent out our flats and we rent a house. In many, many ways I am enjoying renting. It's great that it's someone else's problem when something goes wrong!

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