To feel down about how long it's taking us to get on the property ladder?

[ziggiestardust]

Just that really. I'm 26, DH is 27. We work in London as engineering contractors for 50 hours a week. The reasoning is so that we can afford to rent and save the amount needed for a deposit.

As contractors, we need 3 years of statements and accounts to secure a mortgage. Fair enough. But oh, the deposit. We'll get there, and it'll be fine but we'll be 30. And it doesn't feel fair, and I don't feel like there's any other option.

We have to buy a house to give us security in old age, and something to sell if one of us needs care, I suppose.

This way lies madness I'm sure... But doesn't it all feel a bit desperate?

I suppose others have said what I said much more nicely. Sorry if I appeared harsh but I felt bad for some people who might be reading.

Try mortgage advisor route. I managed to get a 100% one based on my p/t salary and tax credits! Shared ownership is one affordable route (particularly if you think things will improve in the future and you can then buy more shares).

I can recommend our mortgage broker, depends what area of London you are in. I didn't buy my first house til my 30s. The deposits needed are big, London house prices are a world of their own.

you are not being unreasonable, but you are lucky! we (family of 4) currently stuck living with inlaws due to difficulties renting, can only dream of own home! would take me and dh probably close to a decade to save even a 5% deposit, what with 2 young kids in childcare. we were happy renting before we had kids, but last 2 properties have been riddled with damp and other problems, and every time we move we are stiffed with agents fees.so sick of renting that we are now living with inlaws, but its up to 2 hours each way on public transport to kids nursery/school/friends, so it doesn't seem feasible to stay long enough to save a deposit. we hope to a). win the lottery or b). emigrate!

DH & I bought at 28 & 30 and this was back in the late 1990's. We basically waited until we had saved a deposit and had decent enough salaries to support a mortgage. Most of our friends bought at similar ages - late twenties/early thirties too so you do not need to feel left behind in your mid twenties!

We worked in the Thames Valley/M4 corridor/London at the time. There are plenty of people including us who bought in the M4 corridor (Reading in our case) and commuted in with ease.

Yanbu, dh and I often had the 'if we can't get on the ladder, who the bloody hell can?!'.

We had to buy really small. Then move a year later as we had outgrown the property by starting to have kids. Was easier to find the right place once we were on the ladder.

I know people are saying 30 isn't old, but you feel too old when you can barely afford a one bed place.

Meant to say, we also left London.

I do sympathise, OP. A generation ago, it was so easy to buy your first property. We had our first flat at twenty-two, straight after university, based on just my husband's trainee wages. The ratio of property prices to earnings was still completely reasonable and all our friends bought, rather than rented, the first property they lived in, in their early twenties. The deposit required was only 5 per cent of a very reasonable sum. I think the situation today is terrible.

this is the down side of contracting, while it's great you earn so much more, you are a less safe bet than someone working in house on a much lower wage when it comes to the mortgage provider.

Can one of you look to move to being in house somewhere? That might bring the time frames down. Lots of peopel do that for a year to get their first property, then quit and go SE again.

Also, the ease of the Self cert mortgages is rather a limited period thing, traditionally it's always been tough for someone self employed with only a short period of accounts to get a mortgage. We've got used to it being easy to borrow money. It shouldn't be. Just because you've got one contract doesn't mean you'll get another at the same pay level, asking SE people for 3 years of accounts is sensible.

But do check out specialist Contractor Mortgage brokers, although it's not a cheap option.

Isn't the average age of owning a 1st home 29 now?

It is likely to be higher in London.

oh boo hoo.

stop feeling sorry for yourself. unless you were born with a silver spoon in your mouth, chances are you have to save to buy a house. like everyone else.

Erm, I know almost no one in London who bought before 30, and that includes friends with very good incomes. The only people who did buy in their 20s had significant help from their parents. The contractor issue may or may not be a problem, but not buying before 30 certainly isn't!

Phonebox I've just googled and the average age of a first time buyer is 36 apparently.

The trouble with it being so late is that the majority of people have started having kids before then which makes it even harder.

When we bought our first house (aged 22 and 25 I think) it was just us so we had no child related expenses, we could spend all our weekends doing DiY, we didn't have to worry about school catchment areas, we could work mad hours and live on beans for months on end and the hole in the floor between the bedroom and the bathroom just made going to the loo in the night more fun!

We couldn't live like that now - Ds would make it his life's work to fall down the hole and dd would try to help with the DIY leading to all sorts of fun.

Mumoftwoyoungkids - yep, and if you are buying your first house as a family, you want to buy somehting larger rather than doing the property ladder thing of buying a 1 bed flat, paying down the debt so have a bigger desposit/equity to buy the 2 bed place then finally the family home.

Jumping straight onto getting the family home means you need to save more and it's harder.

The op will just have to make a choice, which is more important, buying any old place now, or a 'forever' home in a few years time, if it's now, then one of htem needs to get a job where they are an employee not self employed so they can secure a mortgage. It will mean a significant pay cut.

But that's the trade off with contract work, more money but far less security.

I don't know many people who bought before the age of 30, and we don't even live in an expensive part of the UK.

We'll be lucky if we manage it by 40.

blue am I not allowed a space to vent or feel worried? I don't say these things irl. This is my safe space to say the things I need, so don't be rude please.

You asked if YABU.

Unsurprisingly some people think you are- and given many people's financial difficulties I think you could have expected some people to be forthright.

getting on the property ladder in London at 30 sounds pretty good to me, I know a lot of people considerably older than that who aren't, and probably never will be.

I was 27 when I got on the property ladder in ye goode all dayes of 1988 when it was easy as making a wish and putting down a deposit of a couple of quid, according to Mumsnet folklore - but I was among the first of my group to do it.

YABU. There are some that will never make despite scrimping and saving.

To be able to buy by 30, have a comfortable lifestyle, as you say in your other thread and be able to save, you aren't doing badly at all.

YABU and you don't have to buy a house.

fairy I do though for financial security later in life.

And worrying is all relative. It's no good telling me 'but some people will never get a house' because I'm not in that position.

Thanks for the broker recommendations though

And worrying is all relative. It's no good telling me 'but some people will never get a house' because I'm not in that position.

Well good for you. However if this is the worst things you have to worry about then you are very lucky.