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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask if you are under 35

239 replies

Marmaladedandelions · 27/04/2015 16:09

How you could afford to buy a house?

This is a genuine question: I have noticed a lot of people talking about how they can't afford to buy. I must admit that most people around my age (33) own.

We originally had a mortgage with money my dad gave us. Things have changed now due to inheritances but that was how we bought our first place, in 2005.

How about you? :)

OP posts:
Morelikeguidelines · 27/04/2015 16:12

Am 36. We bought flat in 2006 when you could still get 100% mortgage.

Your op describes lots of family help so not sure really what you are getting at?

Original poster
Marmaladedandelions · 27/04/2015 16:13

Wondering how other people did it - whether most of us did it due to family helping or if some managed to save for deposit.

OP posts:
Imbimba · 27/04/2015 16:14

Inheritance here too. My grandmother left everything to me.

BreeVDKamp · 27/04/2015 16:15

Bought a flat 2 years ago when I was 23, due to a very shocking and unexpected big inheritance (the amount was shocking and unexpected I mean). Now we are selling our flat and buying a house in a cheaper area, for less than we've sold our flat for. So that's how.

Prior to that had a plan to save up "enough" in 8 years. By the time 8 years rolled around, I doubt it would have been enough. My sis and BIL always lamented how there's no way they could afford to get on the ladder without family helping out, and now family are helping them out - it's the only way I think, if you want to buy in your 20s or maybe even 30s. No way can you save up enough for a deposit on an average wage!

Really think we need a better system in place to support long-term renting, like on the continent where people can rent for decades, decorate their houses, they become family homes etc. Is it in Denmark?? That way the whole buying frenzy would be removed and it wouldn't be such a big deal.

Norfolknway · 27/04/2015 16:16

We live in the NE, you can get a lovely house in a great area for 180k

CapnMurica · 27/04/2015 16:16

Bought in 2006 after generous donation from dad. I fully intend to pay it back, but when the mortgage market crashed I lost my job. Also we bought at the height when if we'd waited a year we could've got something a lot cheaper. However, we bought in a cheap area so borrowed about £6k which was enough for a 10% deposit combined with £1k of mine which was from premium bonds.

I've mostly made my peace with that. I'm 32 btw.

Original poster
Marmaladedandelions · 27/04/2015 16:17

180 is still a lot of money! Grin

OP posts:
geekymommy · 27/04/2015 16:17

This is going to depend a lot on where you are, at least in the US it would. DH and I bought our house when I was 32, but we're in a relatively cheap area. Before that, we lived in a very expensive area, and I don't think we'd be able to buy there even now. The housing market in Pittsburgh, where we are now, is just not at all the same as the housing market in the San Francisco area where we were.

IPlayBass · 27/04/2015 16:17

I'm 32. We bought our house 6 years ago. We lived with inlaws for a couple of years so that we could save some money and we went without any luxuries whatsoever - ate basic food, no holidays, no buying new clothes unless essential. We didn't have any financial help from family.

Binkybix · 27/04/2015 16:18

I worked from a young age, didn't get to do much travelling and saved for a deposit. I earns decent salary now and rented cheap places at first that helped me save (not sure people would have that option now).

Some foretelling power told me from an early age I'd be trying to buy in London one day. My DH on the other hand spent everything and still gets to benefit from my savings. Sometimes I get irrationally cross at the injustice of it!!

Puffykins · 27/04/2015 16:18

My husband had the foresight to buy a very cheap flat in Edinburgh as a student, on a 100% student mortgage (guaranteed by his father.) By the time we got engaged the flat had significantly risen in value, he had almost paid off the mortgage in full, he sold it and we used it as the deposit for our house in London which we bought when we were thirty. I'm very aware how fortunate I am.

Rox19 · 27/04/2015 16:19

Saved up for a5% deposit on a flat worth £218,000 in w London when I was21 and DH was 20.

Both earning £30,000 and had 2nd jobs in a pub. Saved £11,500 in 6 months.

Is do able.

PurpleBananaPie · 27/04/2015 16:19

I bought when I was 34 and that was only possible due to being made redundant and having a big enough pay out to put down as a deposit.

katiegg · 27/04/2015 16:19

This reply has been deleted

Message withdrawn at poster's request.

sweetheart · 27/04/2015 16:21

When we brought our first house we did a shared ownership property and brought 50% without any help from anyone deposit wise. We started very young which has been a huge bonus to us - I was a homeowner before my 20th birthday. Our second property we were very lucky that my boss loaned me some money for a share in the property. We paid him back in chunks - valuing the house each time so he owned a percentage of the house and was repaid accordingly - worked out well for all parties. Our 3rd house we used the equity as our deposit and also as a deposit on a rental property. I think we have been very lucky with the market and over paying our mortgage where we could left us with a decent amount of equity.

Teladi · 27/04/2015 16:21

I lived in company housing, as did my now-DH, for a long time, so was able to save up money. My DP did give us some money as well (but we would still have had enough for a deposit without this, it just meant we could buy some furniture when we got the house!)

DisappointedOne · 27/04/2015 16:22

I'm 37. I bought my first house at 19 with no parental help and a 70% mortgage. Husband (39) bought a house aged 24 with no parental help and a 90% mortgage. The proceeds of selling those bought this house with a 60% mortgage when we were 29 and 27. Mortgage is now about 25% of house value.

doublechocchip · 27/04/2015 16:22

Bought a house at 24. Helped by fil who was very generous and gave us a deposit, said it was part of dh's inheritance.

teacher54321 · 27/04/2015 16:22

We're 33 and 35. Bought our first house last year using a combination of inheritance and borrowing from parents. Both sets should be paid back in full within 2 years.

Original poster
Marmaladedandelions · 27/04/2015 16:22

How did you manage the deposit out of interest disappointed - did you save up?

OP posts:
Teladi · 27/04/2015 16:23

Forgot to say that I am 30 and and bought first home at 27. Another way we saved was to live in a shoeboxy flat for a while after we came out of the company housing, thus saving on rent.

teacher54321 · 27/04/2015 16:23

We have a stinking great mortgage as well, my first post looks like we bought a house cash! Prices here are ludicrous. Our stamp duty cost more than our wedding and honeymoon.

shewept · 27/04/2015 16:24

I am 33 I own my own home outright. It's small, but it's mine.

I got my first mortgage at 19. I made the decision not to go to uni as they had just introduced fees. I worked or from 16 and had saved for uni, so I used that and saved money from my first ft job for the deposit. It was at the beginning of the housing boom.

To clear my mortgage I have moved a couple of times, without upsizing (picking particular properties where they were being sold cheaper) and always made extra payments. My mortgages have always allowed me to pay extra off each year. It's not being easy, but now in work less and was able to open my own business so work when I need to and always around my family. Was definitely worth being skint for all of my twenties and early thirties. But with house prices as high as they are, I can't imagine this would even be possible now.

DonnaMoss · 27/04/2015 16:25

We bought our house in 2011, 135k in the Midlands. Put 15k down as a deposit - 10k saved by living with the in laws for 18 months and a 5k loan from my mum. We took out a personal loan after we bought the house to pay her back. We had Dd1 at the time and had private rented before we moved in with dh's parents so it was the only way we could save any money.

AnythingNotEverything · 27/04/2015 16:25

We saved and saved and saved in our 20s to buy a house in our early 30s. No inheritances, no lucky rise in property prices, just being frugal.

We live in a nice suburb of a northern city. Not buying in London probably helped.

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