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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:
Gennz · 28/04/2015 01:23

I'm 33, DH is 37. We bought our place in 2009.

We moved to London (from NZ) in 2006, both got good jobs (DH better than mine) saved our arses off while living in shared flats - still had a great time, travelled, partied etc but nothing too extravagant - we'd go to big house parties with 10 quid bottles of pinot grigio, not West End bars (far more fun anyway), we stayed in backpackers not five star hotels etc. No help from parents or inheritances, though we got a lump sum via a redundancy along the way which helped.

Moved back to NZ in late '09 and bought our house with the savings. Housing here is almost as unaffordable as London, we paid the equiv of about 350K quid. It's probably doubled in value over that time (though we have extensively renovated). That's not a stealth boast, it's ridiculous!

Gennz · 28/04/2015 01:24

When I say we bought our house with the savings, I mean that was our deposit, not that we bought it outright I wish

myusernameisusername · 28/04/2015 01:58

DHs parents gave him 10K from their savings/pension makes me Hmm when people say it isn't doable or they can't afford it finding rented accommodation that is cheaper than a mortgage is like finding a hens tooth i only sympathise with people living in the south house prices down there really are bonkers

Plarail123 · 28/04/2015 03:29

Smug alert!

umiaisha · 28/04/2015 04:20

I am 35 and bought my first flat (pokey little studio) in London in 2001 with my parents stumping up for the deposit. Property prices then started going crazy and it doubled in value in 2 years, so i sold it and bought a slightly bigger flat and then a house in 2006, still in London.

LikeABadSethRogenMovie · 28/04/2015 04:30

I'm genuinely interested in how you feel the over 35's afforded a house? The answer is we went without a shit load of stuff, we didn't holiday as much as we would have liked and we shopped as cheaply as possible. Just like now. I've been out the UK for 10 years and have friends who couldn't afford to buy a house then or now. And neither could their parents. It's not a new phenomenon.

Focusfocus · 28/04/2015 04:32

I am 30, husband 32. We bought a house in the Midlands last year when we were 29/31. It cost under £200k, is spacious and has a great garden. It involves a commute into work for us both but it's fine.

The deposit came from savings and a little parental support. Was under £15k in all. Paying off a £800 mortgage each month covering principle and interest. 25 years mortgage.

Gennz · 28/04/2015 04:57

myusername you are Hmm that people can't afford to buy, and yet you got given money to buy your house?

Hmm
Jackieharris · 28/04/2015 05:21

I did it when mortgages were easier to get. Got huge income multiples (in a temp job), 95% mort, interest only. Used my big graduate overdraft for the deposit and a couple of thousand in shares my gran got for me when things were beings sold off in the 80s. Did it as soon as I got my first graduate job, when pay was higher than now and flat prices cheaper. I also bought small in a less desirable area.

I don't know anyone else who's done it without a big deposit from parents and often getting to stay with them on the cheap to save up.

I feel sorry for people 10/15 years younger than me. They'll be stuck in horrible private lets forever. It's not their fault they were born too late.

I also can't help but be resentful at people 10 years older than me who had it so easy!

JoandMax · 28/04/2015 05:41

We bought our house in 2009 on an offer from the house builder where we could get a 5 year interest free loan for the deposit, we had to pay around 5k in costs which was all we had saved (we were 28 and 29), neither set of parents were in a position to help out not that we expected them too anyway and so this was the only way we could see to be able to buy. We lived in London, had one DC and the cost of living was so expensive I don't know how we could of ever saved up a 20/25% deposit........ Ideally we wouldn't have wanted a new build and the area wasn't the best but it was the best solution.

The loan is a % based on the house value so as it goes up we owe them more, thats fine though as we knew it when we bought the house. We're just in a position to pay the loan back, our mortgage was 1/3 of our previous rent so we've managed to save far more as owners than renters.

We are currently expats so the house is rented out (sorry I am a nice landlady though.....), we pretty much break even on costs versus rent paid.

AggressiveBunting · 28/04/2015 05:41

Got made redundant ironically, and as I'd seen it coming (high profile corporate collapse) I'd already got another job so I used my payout as a deposit and got a 95% mortgage (was lucky cos those dont really exist anymore). Was really tight for a few years and I used to pray that interest rates didnt go up any more. Fortunately my vendors left me all their furniture as I couldnt have afforded to buy any!

Original poster
Marmaladedandelions · 28/04/2015 06:47

Like, there were a few threads saying that young people would never be able to afford to buy a home: since that doesn't tally with my experience I thought I would ask :)

OP posts:
HippyPottyMouth · 28/04/2015 06:58

I inherited a small terraced house when I was training. Now I'mm married with a baby we've moved to a bigger one. If we were doing it all on out own we'd only just be able to afford the little house.

Murphy29 · 28/04/2015 07:07

We bought at 22 just after leaving uni as we were both good at saving whilst at uni despite going out and on holiday etc. Between us we had 5% deposit which was enough in 2008.

jn367502 · 28/04/2015 07:13

I bought my house in 2007 for 87k I live in Stoke on trent. It is possible to buy under 35 depending on what part of the country you live in and what type of property you are prepared to buy. I bought a victorian terrace with the view to doing lots of work over time, which we ar currently doing.

SophyStantonLacy · 28/04/2015 07:26

I'm 31. We bought in 2011 (in the NW) with a deposit from DH's parents downsizing their London home. We wouldn't have been able to save a deposit yet ourselves as we had children early.

I can't think of any of my peers who own who haven't had family help.

sandgrown · 28/04/2015 07:43

DSS is 29 and fiancee 26. They were in rented property and struggling to save so we suggested they move back in with us just over a year ago. With a loan from her parents and saving hard they have got a deposit. They have also got on help to buy and in two weeks they move into their brand new home. The area was not great but the new development will improve it and they are close to town and only a five minute walk from the beach.We are in the North though where prices are cheaper.

dollyplumislotsoffun · 28/04/2015 07:47

The bank of mum and dad. Repaid with equity gained in house from buying when prices slumped and selling now they are up. Luck.

NoUseForAName · 28/04/2015 07:52

I'm 27, bought our first house at 18, Dh had some money left to him from his Gm and I hade some saved up from working since 15. Bought a little 2bed terrace.

FluffyJawsOfDoom · 28/04/2015 08:14

100% mortgage before the crash. They wanted to give us double what we took (thank god, or we'd be really struggling now), madness in hindsight but lucky for us.

InfiniteJest · 28/04/2015 09:32

I'm 32, DH is 33, and we bought a house 2 years ago. We're in Australia. We'd saved around 30k (dollars, not pounds) and I then inherited about twice that when my grandfather died. Enough for a substantial deposit. My brother is 35, and has saved enough to buy a home outright, through investing in shares and saving since he was in his early 20s. I'm nowhere near as good with money!

BabyGiraffeOnIce · 28/04/2015 09:35

I'm 28 and dp is 27,

we bought a year ago but dps df allowed us to move in with him for 18 months rent free, just paid for our own food.

we both took on a 2nd job, were like ships in the night for the whole time - but saved 12k between us by doing it.

was a nightmare at the time - but well worth it.

BabyDubsEverywhere · 28/04/2015 10:05

I am 31 now, I bought my first house at 17 on a 100% northern rock deal with ExDH, we sold that and bought another within 6 months. Then split and I used my share as a deposit on a place in Spain with DH.

We then moved back to England with nothing and zero credit rating, DH working minimum wage and renting a nice, but tiny and therefore cheap apartment. We saved up 5K in 12 months by scrimping on everything and bought a half rent half buy in terrible area in 2008, then saved another 10K to and took a 10K bank loan to get another mortgage and buy the place we are in now in 2010.

Of my social group we are on the lowest income by far... but we were willing to go without a car/holidays/nights out/takeaways/sky while we saved - most of my friends see these as necessities. We also were happy to buy a cheaper ex council house/fixeruper and they like to rent new builds and I don't think they would consider not buying a newish house, which are generally more expensive even in the cheap area I live in. (West Midlands)

BabyDubsEverywhere · 28/04/2015 10:07

I should say though we didn't have help with the deposits etc, my Dad has been very generous as we've been doing up this place. We would have done all the same things though, it would have just taken longer to do without his help.

SquiddlyDiddlyDoo · 28/04/2015 11:51

Dh and I saved up 5% of a 300k house by (i) pooling our savings from uni/our grad jobs (fairly minimal), and (ii) working in London in pretty long hours jobs for two years - I got a £2500 bonus which was added to this. We then bought using help to buy.

Our interest rate is 5% which is insane, but we can remortgage once we have owned the house for 2 years, so only a year to go!

We saved every last penny of that deposit, plus the £9k stamp duty and all the fees. We did this by being a bit frugal for 2 years - we didn't give up important things or entire social lives, but we didn't eat out much, we didn't go on holiday and we didn't buy anything that wasn't really necessary for that time.