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At what age did you buy your first home?

335 replies

GrapefruitGin · 31/07/2019 10:02

And did you buy a home before or after kids?
How much ‘help’ did you get or did you raise a deposit alone?
I’m 29, no dc and renting, curiously wondering if I’m one of many or am I unusual!?

OP posts:
notacooldad · 26/10/2019 08:53

I bought my first house at 3 months shy of my 19th birthday with DP. That relationship quickly fell apart and I got a mortgage by myself at 22.

Linnylinn1 · 26/10/2019 09:00

26 with my dfiance (now dh) we had both saved (I had 8k and he had 10k) then my godfather came into some money and gifted me 10k and we added that to the deposit.

MustardScreams · 26/10/2019 09:06
  1. My parents gave me a big deposit though.
RogueV · 26/10/2019 09:09

23 pre kids
I’m 36 now

RogueV · 26/10/2019 09:10

Oh no help whatsoever

saucyspice · 26/10/2019 09:13
  1. Saved 20k of my deposit myself and received 10k as a gift from my parents.
Horehound · 26/10/2019 09:27

29, no kids, no help but we did have a help to buy isa which gave us an extra 2k I think

Lillipops · 26/10/2019 09:28

37 moved in a couple of months ago, we put down 10% deposit which was 2 years of hard saving whilst paying rent. 20k. No help although my dgran did gift us some money for work that needed doing once we moved in.

TequilaPilates · 26/10/2019 09:33

I was 23 husband was 26. House cost £56000 and we put down £10000 deposit. House is now worth £350,000 26 years later. It's so difficult for young people starting out now.

36degrees · 26/10/2019 09:36

25, but the deposit was only £2.6k, which I took a loan for. Payments were £157 a month, which went down pretty quickly after a couple of years because I was on a tracker deal and could overpay as much as I wanted. I was earning £750 a month working full time, so it was manageable. No help as my parents had recently paid off their mortgage and gifted the house to my sister so they needed to get back on the ladder themselves, but my dad helped me move and took me on an IKEA run.

HalfBrick · 26/10/2019 09:37

Interesting to see a lot of people bought around the age of 24, pre kids.

I was 22 with DH, took a loan out for some of the deposit... Friends at the time were still renting - paying someone else's mortgage in my eyes, by the time they wanted to buy, house prices were going up.

If I was in my 20s now (with SE prices) I like to think I'd club together with a couple of friends or a sibling to get on the ladder, ideally before 30, but easier said than done.

Verily1 · 26/10/2019 09:41

24, 1dc, no help as only needed £2.5k deposit!

It’s so unfair that millennials can’t get on the property ladder as easily as boomers gen xers just because of when they were born.

My advice is to be prepared to move somewhere small in a crap/ cheap area to get yourself on the ladder, overpay your mortgage as much as you can then move somewhere decent with the equity you’ve built up as a deposit.

OverthinkingThis · 26/10/2019 09:44

29, jointly. Had a decent deposit but mostly from inheritance.

museumum · 26/10/2019 09:46
  1. Tiny little one bed flat. No kids.
HerculesTheBercules · 26/10/2019 09:51

First mortgage at 22

BobbinThreadbare123 · 26/10/2019 09:53

26 first time, with XH. Very cheap place to live in the NW. No kids. We had a 10% deposit, from savings. He had a little help from his parents but my contribution was just from me. About a decade ago. When we divorced, he bought me out and I had a 25% deposit for a cheaper house in a different town, about 5 years ago. Now own with DH in a lovely place and we had my equity and his (he is older and also bought on his own in a cheap place), nearly 2 years ago, with a very nice deposit.

TequilaPilates · 26/10/2019 10:00

If I was in my 20s now (with SE prices) I like to think I'd club together with a couple of friends or a sibling to get on the ladder, ideally before 30, but easier said than done.
I think this has the potential to backfire massively though - what happens when 1 or more of them want to move out and buy with a partner, or lose their job or have to move away?

It's just ridiculous that the cost of what should be starter homes has now made them unaffordable for the very people they should be meant for.

The house we bought 26 years ago was very much a bottom of the rung house. We got the mortgage based on 2 times one of our salaries. We could have bought a more expensive house had we borrowed our limit but we chose not to. We both had quite low paid jobs at the time.

The same house today someone doing the same jobs as we were doing would have to borrow 14 times their salary to buy it. That's just ridiculous.

RockinHippy · 26/10/2019 10:27

33, no help from anyone & spent all my savings on the deposit. Unfortunately this left me with no funds at all to renovate the derelict kitchen & bathroom as the extra I'd raised on the mortgage for the work, was suddenly held back due to finding out my new address was black listed for debt, so the first few weeks in there were a bit tough to put it mildly,good job I like camping

HeronLanyon · 26/10/2019 10:36

28 100% mortgage days. Bought with dp. 2 incomes. No children at that point. No savings. Confused

alreadytaken · 26/10/2019 10:40

We bought with no help from anyone, in London, saved hard to get the 10% deposit. Lived in small room in unfashionable place with long journeys to work while we saved up the deposit. Bought in an unfashionable area before having a child. Moved in with virtually no furniture.

My child has been in a position to buy since they were 18, before I could consider it, but has chosen not to do so because they want something much fancier than their parents had when starting out.

Friends with children outside London are buying properties, pre-children. Some have parental help, some using Help to Buy. Several are buying before their parents did. In London it's more of a struggle, much of London is now foreign owned and bought by money launderers.

"At the last count, there was some £35bn of Russian money alone sloshing through London’s jurisdiction. With housing supposedly in dire supply, planners have allowed whole streets in Westminster, Kensington and Chelsea to become ghost towns, rows of empty townhouses and blocks of flats. The impact on London’s property market of this “buy-to-leave” is becoming stark. Having lived in London all my life, I find its status as the world’s financial funk-hole sickening. Yet it leaves London’s mayor, Sadiq Khan, as relaxed as it left his predecessor, Boris Johnson.

Other countries require foreigners, at the very least, to pay local income and realistic property taxes. London’s oligarchs pay little more than £2,000 a year to their councils. Residents of Manhattan pay two, three or even 10 times that, and even the richest condominiums tend to require owners to be resident. Other world cities ban foreigners from owning, leasing or at least failing to occupy property – among them Berlin, Singapore and Hong Kong. Australia bans incomers from buying in Sydney and Melbourne. "

You know you are one of many - but some of that group could buy if they chose to make sacrifices instead of expecting everything handed to them on a plate. And you are being distracted from the real cause of the problems.

TheBronster33 · 26/10/2019 10:44

Hi there, I'm buying my son a cheap run about for his 21st. Is it better for me to be the registered owner and registered keeper, one or both or neither? Any pros and cons welcome! Thank you

TheBronster33 · 26/10/2019 10:45

Sorry wrong thread!!

QRCode · 26/10/2019 11:31

I was 22, worked for a building society and paid £215 per month for a one bed converted flat in outer London. I had £40k of my mortgage at the staff rate, but at that time the public rate went as high as 15.4%. There were people handing in their keys and giving up their homes on an almost daily basis.

JacquesHammer · 26/10/2019 11:34

20, no help - 100% Mortgage on a lovely little cottage.

Sold it for 140% profit 3 years later.

supadupapupascupa · 26/10/2019 11:35
  1. Cash back on purchase paid the 5% deposit. 3bed end terrace. 1994. £28k