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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:
singlikethepianoMargot · 27/04/2015 20:09

DH and I Bought a flat for 125k in 2003 at age 25 when we were both working full time, got a 95% mortgage, we borrowed about 3x our joint income. The deposit was partly saved by us, and partly a loan from my mum which we started paying back monthly so soon as we had borrowed it. No interest though :) I got a promotion in 2004 and we saved the extra i earned, in 2006 we moved to a house worth 50k more than our flat.

House now worth about 75k more than we paid but we can't afford to move as I am only working very part time hours and a different (much lower paid) job than before we had children.

We were lucky that my mum had the money to lend us as it would have taken at least another year to save up the rest of the deposit (it took us 2 years to pay my mum back but we could have saved more if absolutely necessary) and of course the longer it takes to save, e more house prices go up in The meantime.

If we hadn't bought when we did no way could we do it now...

riverboat1 · 27/04/2015 20:12

I can't, based on my current salary and level of property prices.

But I will probably inherit some money in next few years which will put me in a better position, combined with borrowing some from my parents. Then I'll be able to go in on a house purchase with DP.

butternut22 · 27/04/2015 20:13

Moved in with my parents for a year and saved 19000 and DP's mum gave us 7000 so we had a 20% deposit.

SomethingWickedThisWayComes · 27/04/2015 20:14

We bought our first flat 15yrs ago putting down £7.5k deposit (10%) that was saved up by doing lots of overtime and only having 1 car for years. Now we have DC I don't think we would be do the same

Chorister · 27/04/2015 20:19

I'm 34.

When I was 19 DH was 22. We bought our first house for £40k with a 5% deposit (so £2k!) with savings DH had, he had a good job and lived with his parents.

We sold that house for £55k and bought for £90k

We then sold that one for £160k and bought our current house for £185k.

We have now sold this for £175k and bought for £242k. We have bought a 4 bed detached, decent garden. This will be our last move!

So hard work and luck! But where we live you could still buy a decent 2 bed flat for about £50k. (West coast of Scotland!)

Jenmk1 · 27/04/2015 20:21

DH saved up a deposit to buy a flat (before we met), I moved in just before we got engaged. We moved to a bigger flat when I was pregnant using inheritance money for the deposit. Couldn't sell DH's flat so we're renting that out (at a small loss). Two mortgages! Hoping that when move next the market will have picked up sufficiently for us to sell both.

mindexplode · 27/04/2015 20:21

we bought our house when I was 25 and dh was 29, we had 30k in savings - mostly due to dh - and earned 25k each, enough to get us a mortgage to buy a 200k house

we have never had a big holiday and the first car we bought costing over 1k was after we bought our house

IAmAPaleontologist · 27/04/2015 20:22

We were 25 when we bought. We are both savers, always have been, worked during uni holidays and saved etc. No debt other than student loans, stuck to crummy cheap rentals for a couple of years following uni and then bought a house. pretty simple. We live in the NE though in a cheap area.

Bodicea · 27/04/2015 20:24

My parents bought a small starter home in 2003 with the intention of selling to me. They sold it to me At the price they paid in 2005 but it had jumped up in value by 30k which meant I was able to secure an interest only mortgage with no deposit as I was only a year out of uni. I was v lucky. My parents had great foresight.

BlacknWhitePanda · 27/04/2015 20:26

I'm 24 and our mortgage is 100k.

We got the deposit because I'm basically a tight wad and we for fortunate to have very cheap rent with my mil allowing me to save my entire wage and dp to pay the small rent amount.
However due to falling pregnant we only got 10%, which is still a lot but we wanted a bit more to pay off a chunk. Still I understand how lucky we are to be on the housing market.

bluesbaby · 27/04/2015 20:27

I don't know anyone who's done it without family help.

We've struggled because we don't have particularly well paid jobs, so the multiple of x3 salary would get us... Well, nothing around here. We'd have to move or put down around 40% deposit. We're in the SW. It's stupidly expensive here but salaries still aren't great. When I graduated at 20 there were no jobs here - I was temping doing whatever I could to get by, and ended up with a shitty job. Luckily I love my job now, but the money's not great. After renting costs there's not a massive amount leftover!

That's the reality for most of our friends 29 - 36. My peers in particular got dealt a shitty hand, graduating in the recession.

Yellowaveo59 · 27/04/2015 20:30

I'm 31 bought my house at 23. Both my DP and I worked hard to get the 27k deposit for our 3 bed terraced house. I had three jobs at one point my day job, nights in a social club and weekends in a pub. No holidays
! bought lunches or luxuries whilst saving and no holiday for the first 5 years being here.

Lovelydiscusfish · 27/04/2015 20:31

I bought in my early 20s in 2004, house was 149 k, got a 0 per cent deposit - was in the glory days when you could do that. Moving forward a bit, my current dh and I bought a house about for years ago for 250 k, using my equity from the first house (he is younger than me, and had moved out of his parents' house, to university accommodation, then into mine!), plus some small savings we had made. We paid a 10 per cent deposit on this one.

There are some beautiful, massive houses in our village, which are worth at least 600k plus, owned by people our age or younger - in these cases, family wealth is responsible in all cases I think.

Themoleandcrew · 27/04/2015 20:35

I bought on a 100% mortgage in 2007. Since then I've been promoted, met my husband and saved every spare penny to clear my negative equity and save a deposit for a new place. We ended up letting our flat for 3 years until prices recovered enough to sell. We live in the london suburbs and it's pretty cheap here.

irretating · 27/04/2015 20:41

I got an inheritance when a relative died, that plus savings paid the deposit. We bought an ex-council house in a cheap area reasoning that it was best to just get on the housing ladder than to stay renting and have house prices rise even further.

If we hadn't received the inheritance then I very much believe we'd still be renting and probably wouldn't have been able to buy at all at any time.

KnitFastDieWarm · 27/04/2015 20:49

Dh and I bought last year aged 28 and 26. We were very fortunate to have enough from late grandparents on both sides to put down a 22k deposit on a two bed house. We now have no savings, but also no debts apart from student loans and mortgage payments.
Of our friends of a similar age who own, one bought outright using an inheritance but under tragic circumstances following the deaths of both her parents before she was 25 Sad. The others had family support similar to me and DH. I don't know how anyone can be expected to buy a home without this and I take my hat off to those who have saved up themselves. It's a crazy situation where young professionals can't buy a home without moving back in with their parents or taking second jobs Angry

littlejohnnydory · 27/04/2015 20:50

I'm 35. Most of my uni friends bought c.2003-2004 when 100% mortgages were the norm. I know a handful of people who had family help. A few of my friends have used Help to Buy recently, having managed to save the smaller deposit but it's taken a decade of saving. I know one person who borrowed the deposit from the bank but told the mortgage company it was an inheritance, so effectively got a 100% mortgage by the back door.

cookoos · 27/04/2015 20:51

we saved a 10% deposit for a 2bed terrace while both lived with parents in 2011. i was 26 he was 21. took us 6months to save it. we live west mids, houses are not very expensive but its not rough where we live, its fine & is both our home town. we have since moved to a 3bed semi in feb using the deposit and small profit from our terrace.

MrsBigginsPieShop · 27/04/2015 20:52

I'm 31. DH and I bought together late 2014 for circa £300k with a 60% mortgage. I saved approx £650 a month since starting full time employment. I didn't go to Uni although now work in a 'profession'. DH and I both worked extremely hard and saved hard. Not a stealth boast, but it can be done. Very proud of what we've achieved without assistance. Although, granted, my parent did make a large contribution to our wedding.

Tigresswoods · 27/04/2015 20:53

I married DH who is older & already owned. It's a full proof plan.

Talismania · 27/04/2015 21:22

Inheritance. Never would have been able to otherwise at least for 5+ more years.

Original poster
Marmaladedandelions · 27/04/2015 21:34

Interesting thread largely tallying with my own experiences - that most came into an early inheritance or were loaned/gifted the money.

Are you making provision for your own DCs? I do worry about this as I will have 3 children to provide with a deposit.

OP posts:
Cheeseandwinegirl · 27/04/2015 21:49

I'm 26 and rent. Me and my partner earn pittance, I've got a degree and worked since I was 14. We don't have holidays or what I'd deem luxuries (meals out, new clothes etc).

I've supported myself since I was 18 but due to rent and low earnings haven't been able to save.

Things are on the up with the prospect of a much better job on the horizon and my parents are in a position whereby they'll be able to put a good amount towards a deposit.

Without their help I'd never be able to buy. It's a similar situation for most of my friends. It's tough. Add to that the cost of housing, in my local area a 2-3 bed terrace is£235+

RoastitBubblyJocks · 27/04/2015 21:54

Am 30. No family help with deposits (although my parents did buy us bed).

We lived in a studio flat, in a not-great area, for 3 years, when we got a promotion each during that time we didn't increase our outgoings and just saved, saved saved. Saved 18k in 2 year. Both on lower than average salaries at the time. Didn't have DC then so we could keep saving.

I think people too often just write it off as impossible because they don't want to make any the necessary sacrifices.

RoastitBubblyJocks · 27/04/2015 21:56

^^ This was 4 years ago.