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Original poster

How old were you when you first got a mortgage?

383 replies

RolyPolyBatFace · 18/06/2021 20:48

My DD is 22 and buying her first house. She was lucky to leave university and get a well paid job and really wants to get onto the property ladder. (We are assisting with a deposit however!)

Anyway it got me thinking - how old were you when you got your mortgage? I was 30 odd so 22 seems very young to me

OP posts:
Fifthtimelucky · 18/06/2021 22:49
  1. It was in 1988 and prices were rocketing in London. I couldn't afford to buy alone and wasn't in a relationship, so bought a flat with a friend.

Prices promptly dropped and just to add insult to injury interest rates rose to 15%. It was an endowment mortgage so the interest rates made a huge difference.

My friend bought me out about 4 years later when I bought a house with my fiancé. The flat had lost over 15% of its value so I had lost all my deposit and was in negative equity. Not my best ever financial decision!

CandyLeBonBon · 18/06/2021 22:49

22

SengaMac · 18/06/2021 22:52

20 but wives couldn't actually be on the mortgage then, so it had to be in DH's name. He was 21.
We had to sell it soon after, tho, as we couldn't afford the improvements the council insisted on.

Got a joint mortgage when we were 28 & 29.

Interested in this thread?

Then you might like threads about this subject:

General money
elmfield4 · 18/06/2021 22:53

23

LindaEllen · 18/06/2021 22:55

@Zenithbear

23 no bank of mum and dad in those days. One of our dc has beaten me by buying at 22 albeit with an inheritance. Also with an inheritance (and good jobs) one of our dc, not quite 30, has two rentals as well as a home.
That's great but that wasn't really the question was it? Talk about a not so subtle brag 😂😂😂😂
HappyDaysToCome · 18/06/2021 22:57

23

boobot1 · 18/06/2021 22:57

19, no help from parents at all

meikyo · 18/06/2021 22:58

@InFiveMins

25, in 2015.

These threads are usually pointless as someone will have signed for a mortgage aged 18 in 1980 whereas an 18 year old is unlikely to ever get a mortgage today Hmm

See my pp about DD who is 18 now. She is completing next month with 85% mortgage. She saved the deposit herself. Unusual maybe but not impossible.
ImbarbaraB · 18/06/2021 22:58

19 in 2005, back then they were giving mortgages away

Some were 100% or more!

I had a £3k deposit I’d saved up from my £15k per year job

It was a shock to the system how much things cost once I’d moved in though and then a few years later the financial crash happened and rates skyrocketed and i was living off baked beans

WaitingForNormality · 18/06/2021 22:59

25

BlossomOnTrees · 18/06/2021 22:59

How is everyone affording it? Assuming most of you who did this at a you g age either got a mortgage years ago, are in a couple or very high wage if a single person?

Original poster
RolyPolyBatFace · 18/06/2021 23:01

Yes it's true about how getting a mortgage in 1977, say, was quite the different ball game to today!

I'm putting in a hefty deposit for my DD, we are actually buying half the place and her mortgage will be on the remaining half. In the south east too which could have a bearing. She wouldn't be able to do it without financial help

OP posts:
Hellocatshome · 18/06/2021 23:02

How is everyone affording it? Assuming most of you who did this at a you g age either got a mortgage years ago, are in a couple or very high wage if a single person?
Got a mortgage as a couple in 2005 when they were apparently giving them to anybody and everybody who walked through the door.

Original poster
RolyPolyBatFace · 18/06/2021 23:03

@BlossomOnTrees I personally couldn't afford it until married and into my 30s. Things are different now financially for us and that's why I can afford to help my DD

As to me personally getting a mortgage on my 20s. Ha ha no chance of that!

OP posts:
BlossomOnTrees · 18/06/2021 23:04

Yes. The year people got their mortgage was not included in many of the answers. Very shocked if most of these were recent. Course it depends on the factors mentioned above.
Also, where people live as south east obviously ridiculously expensive compared to other areas.

Pumpkinstace · 18/06/2021 23:06

However, I sold it at 24 and never bought another.

I live in a council house now

Tig33 · 18/06/2021 23:12

24 with an 100% mortgage

Tig33 · 18/06/2021 23:13

Should have said in 1998

CassandraTrotter · 18/06/2021 23:18

@BlossomOnTrees

How is everyone affording it? Assuming most of you who did this at a you g age either got a mortgage years ago, are in a couple or very high wage if a single person?
I bought on my wage alone. 100% mortgage. In 2004.
Waxonwaxoff0 · 18/06/2021 23:19

29, last year.

Psuedoshoes · 18/06/2021 23:19

19

CeeceeBloomingdale · 18/06/2021 23:19

24

quizqueen · 18/06/2021 23:20

I was 23 when I got married and we bought our first house then too. That was back in the 1970s.

iduno · 18/06/2021 23:21

I was 22, early 2008 just a few months before the market crashed 😩

Psuedoshoes · 18/06/2021 23:22

@BlossomOnTrees

How is everyone affording it? Assuming most of you who did this at a you g age either got a mortgage years ago, are in a couple or very high wage if a single person?
I was on a decent wage at 19, had saved for a few years by working, didn't have any kids to feed, and my first house was dear at the time to me but very cheap by current standards - under £100k. I'm 37 now and wish houses were still so cheap Grin