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adele1985
04-10-2013, 07:32 PM
Just wondering how many of you own your house and what age you where wen u got your first house

We rent we were going to buy but because of my credit score and both mine and ohs income - or more like lack of it I don't think it's ever going to be possible

Feeling a bit down today as I was getting my hopes up as we have a deposit, seen a house we love and my dad agree agreed to be on the mortgage so he's income would could but told today the only way it could happen Is if my dad bought the house on his own for us

Sorry just feeling sorry for my self lol

clareelizabeth1
04-10-2013, 07:36 PM
It is really hard I got my first house when I was 18 because my family needed me on the mortgage as I had a good wage.

Now I am a childminder and rent so don't have a house now.

zillervalley
04-10-2013, 07:41 PM
I was 22 when I bought my first house, moved three times, don't have a mortgage now and haven't for 7yrs:clapping:

lisbet
04-10-2013, 07:52 PM
No. I'm in my late thirties and can't see us ever being in a position to buy.

Bumble Beez
04-10-2013, 07:58 PM
Me and hubby bought our house when we were 20 and 22...have had loads of ups and downs with work, money situations etc but I do now think if we didn't buy when we did, we wouldn't be able to now...

That was 11 years ago now ;)

I understand how you are feeling tho, it's very hard now to get a mortgage. I hate to think what it's gonna be like when our boys want to buy :eek:


Sarah x

charleyfarley
04-10-2013, 08:21 PM
We will in 2 years, 7 months and 12 days :clapping::jump for joy::clapping:

Luckily hubby bought our house when he was in the army, so we had a house to move into :thumbsup:

I feel so sorry for people now wanting to buy a house but can't. My son and his wife pay more for rent than they would for a mortgage but can't get a mortgage, so wrong!

Carol xx

Ali56
04-10-2013, 08:40 PM
We have to rent. We had deposit saved just needed a couple more years for our credit ratings to be back to fabulous and we'd have been sorted. Instead hubby had a stroke lost his job and at the same time our home (tied cottage) and we had to live on our deposit savings and use it as a 6mth down payment for renting..... Lifes a true bummer sometimes. I don't think we'll ever be able to afford to buy now, and rent is so expensive. Still hubby is better, able to work a bit now so at least he has some health x

funemnx
04-10-2013, 08:45 PM
I'm 53 and have moved house 40 times in my life, mostly rented, sometimes mortgage - DH and I will be 65 (2nd marriage) when the mortagage is paid but I know many people who have never owned a house and always rented. Credit rating has made it almost impossible for many people to get a mortgage....

bindy
04-10-2013, 09:04 PM
I bought when quite young, 21 on my own, bought a second one around 28. Sold one. I do actually rent too, because the area my house is business is slow so rent 180 miles away! Have you thought about buy to let? and then rent it to your self? You would need a good deposit though! Or what about this new government help, you save 5 per cent the government lend you 20 per cent, it has to be a new build though. Really sorry you are feeling down, what about part buy part rent?

SammySplodger
04-10-2013, 09:21 PM
First bought at 28, massive mortgage, really struggled. Had to move when DS was born and downsized back to a smallish terrace to make things easier. We still have fairly massive mortgage on interest only - I am now 42 - though we now own about half the house. So will have to move/downsize again before we can retire. It's a struggle, but I'm well aware how hard it is when you are just starting out. x

Becci26
04-10-2013, 09:23 PM
We bought when I was 25, oh previously had his own flat which we sold and bought the bungalow together (3 yrs ago).

Glad we did it then, both of us are now self employed and will struggle to get another mortgage for a few years I think!

There is no wag I could have done it without oh and the deposit from the flat though abs would still be renting.

FloraDora
04-10-2013, 09:36 PM
I grew up in the Thatcher era of you had to be a home owner - which I am now, mortgage paid but not without some scary moments of unemployment and high interest rates. My sons, who live in Brighton and Manchester have no immediate intention of being home owners, especially the one in Brighton - his 1 bed flat would cost more than my 4bed detached -with a 10 year+ plus salary as a deposit. They are of the mindset that very few people in Europe aspire to be home owners, the flexibility of renting and the impossibility of getting affordable mortgages that are not wrapped up in % being owned by someone else means they are quite happy renting.
As a 70's girl this has taken a bit of getting used to ..... But I like that they are enjoying life and not worrying about what they can't afford.

The world is changing, home ownership is not the automatic pathway now for a most young people. My advice would be to enjoy life now, and save, if you can, as credit ratings have a life span. Enjoy the fact that someone else is responsible for repairs and put this dream on the shelf for a bit until you are better placed in life.
My brother, who is in his 60's spent his whole life in army accomodation and has only recently bought a home - near the seaside.

You don't have to own your own home to be happy.

clareelizabeth1
04-10-2013, 09:43 PM
I bought when quite young, 21 on my own, bought a second one around 28. Sold one. I do actually rent too, because the area my house is business is slow so rent 180 miles away! Have you thought about buy to let? and then rent it to your self? You would need a good deposit though! Or what about this new government help, you save 5 per cent the government lend you 20 per cent, it has to be a new build though. Really sorry you are feeling down, what about part buy part rent?

Buy to let and renting to yourself is totally illegal. We had lots of problems with this as we wanted to rent to family and almost got refused because of it.

vikiwizz
04-10-2013, 09:49 PM
Yes, I'm 31 and brought house I'm in with hubby 8 years ago so I was 23. Again we were very lucky as didn't need a massive deposit like you do now.
I think if we were looking now we would struggle to get the deposit together as it's mad how much you need.

bindy
04-10-2013, 09:51 PM
I grew up in the Thatcher era of you had to be a home owner - which I am now, mortgage paid but not without some scary moments of unemployment and high interest rates. My sons, who live in Brighton and Manchester have no immediate intention of being home owners, especially the one in Brighton - his 1 bed flat would cost more than my 4bed detached -with a 10 year+ plus salary as a deposit. They are of the mindset that very few people in Europe aspire to be home owners, the flexibility of renting and the impossibility of getting affordable mortgages that are not wrapped up in % being owned by someone else means they are quite happy renting.
As a 70's girl this has taken a bit of getting used to ..... But I like that they are enjoying life and not worrying about what they can't afford.

The world is changing, home ownership is not the automatic pathway now for a most young people. My advice would be to enjoy life now, and save, if you can, as credit ratings have a life span. Enjoy the fact that someone else is responsible for repairs and put this dream on the shelf for a bit until you are better placed in life.
My brother, who is in his 60's spent his whole life in army accomodation and has only recently bought a home - near the seaside.

You don't have to own your own home to be happy.

The problem being, rent is so expensive now, with very few people able to get mortgage, the rental market has shot up! My friend bought a flat in my block, I rent, I pay double her mortgage. I also have the added pressure of my land lord giving me 2 months notice at the end of each 12 month contract.

CLL
04-10-2013, 09:59 PM
We were lucky to buy when we were young before house prices rose too much. I am 33 now. We have lost a lot over the years (about £80,000) as we have moved quite a bit and house prices have fallen. Now we are planning to emigrate I wish we were renting as we could go at the drop of a hat. Owning your own home can tie you down. Having said that when we sell we will have a nice amount of money to take with us so it's not all bad.

CLL
04-10-2013, 10:00 PM
The problem being, rent is so expensive now, with very few people able to get mortgage, the rental market has shot up! My friend bought a flat in my block, I rent, I pay double her mortgage. I also have the added pressure of my land lord giving me 2 months notice at the end of each 12 month contract.

In fairness though a BTL mortgage is so much more expensive. We have a rental property and the APR is much more than on our residential mortgage.

loocyloo
05-10-2013, 07:57 AM
We bought our first house about 15 yrs ago. Have moved a few times but a couple of years ago ended up renting for 6 mths whilst selling one and needing to live 200 miles away! I liked renting as no worries about maintaining etc but I would worry long term about land lord wanting us to move or increase rent etc.

Kerry30
05-10-2013, 08:59 AM
I was 21 when i brought my first house with the ex now im 34 and in our 3rd house we brought. We split up 3 and a half yrs ago and im still in 'our' house. Ive paid the mortagage on my own now for 3yrs...wish i could get him off it but bank wont allow me as i dont earn enough on paper. Maybe one day. Its a joke but im glad as i would never beable to get a mortagage now. I am glad that i stayed here tho. Its tough at times but i think as long as mortagage paid then me and dd have got a roof over our heads.

TooEarlyForGin?
05-10-2013, 09:30 AM
I was 21 when i brought my first house with the ex now im 34 and in our 3rd house we brought. We split up 3 and a half yrs ago and im still in 'our' house. Ive paid the mortagage on my own now for 3yrs...wish i could get him off it but bank wont allow me as i dont earn enough on paper. Maybe one day. Its a joke but im glad as i would never beable to get a mortagage now. I am glad that i stayed here tho. Its tough at times but i think as long as mortagage paid then me and dd have got a roof over our heads.

Kerry, do you have a legal agreement set up? If you are paying all of the mortgage, but you ex is still on the mortgage and deeds, when you come to sell, he could claim "his" half, it happened to my DH with his ex.

samb
05-10-2013, 11:05 AM
We moved into our flat in 2003 when I was 21. We have remortgaged and changed terms and now have 17 years left to pay. We hoped to move again before I had ds2 but couldn't afford to so have been stuck here longer than we hoped. Next year our fixed rate is up and I will have 4 years of self employed income to go towards mortgage so we are hoping to be able to move then. However I live In a very expensive area so not sure if we will have to move away to do so.

Tazmin68
05-10-2013, 11:13 AM
Hi
We finish paying our mortgage in 2021 so 7 years to go. Then we can concentrate on pensions!

Deb

tulip0803
05-10-2013, 11:42 AM
I bought my first house in 1992 when I was 21 with my partner at the time - 3 years later I left and handed him the house.(negative equity anyway). Rented for a year, then moved back in with parents for 2 to save. I then bought a house in my own name in a cheaper area (50 miles away). We have moved again to a bigger house in a cheaper area (200 miles away!). I not afford to rent!

mandy moo
05-10-2013, 02:01 PM
Dh and I brought our house 18 yrs ago for £52.000, we 'borrowed' another £50.000 7 years ago to build our extension. I think myself fortunate, many of my friends pay a similar amount of rent, as we do Mortgage approx £680 pcm

Ive no idea when the mortgage will be fully paid, will have to ask Dh :o

WibbleWobble
05-10-2013, 02:11 PM
Bought my house in 1995 for the grand sum of £28,000! Took out a bigger mortgage to pay for the renovations. Then when my ex h left he left me with massive debts so I had to remortgage.

Mortgage has 10 years to go and is at just under £40,000 and the house is worth a lot more.

We couldn't afford our house now if we were looking again though.

Wibble the skint xxx

adedwards68
05-10-2013, 02:24 PM
Bought my first flat when I was 19. Have moved twice since then. Now with 4 kids + daughters partner with are in a 5 bed and still there isn't enough room. Lol

Sent from my iPhone using Childminding Forum

Kerry30
05-10-2013, 07:36 PM
Kerry, do you have a legal agreement set up? If you are paying all of the mortgage, but you ex is still on the mortgage and deeds, when you come to sell, he could claim "his" half, it happened to my DH with his ex.

No legal agreement but a solicitor told me as i have our daughter living with me then he is entitled to about 1% . Anyway if i sold the house at the moment i would just get enough to clear the mortgage. Dont want to sell anyway. Each case is different tho from lots of different stories ive been told. One day......

Zoomie
05-10-2013, 07:49 PM
We bought a shared ownership house 7 years ago, when I was 32, DH 37. We have always rented, although we did own land and were building a house in Africa before we sold up and immigrated here.

We bought a 50% share. Our mortgage is 450 a month whilst the rental is 150 a month. Probably sitting in negative equity and we want to move in 2015.

The Juggler
05-10-2013, 09:49 PM
we are still paying off our mortgage. however, the value of our house now - no way could we ever buy it if we were looking now and it still needs loads of work to it - old kitchen, old bathroom, needing painting everywhere. We got it cheap at the time because it hadn't been decoated since the 70's and needed new windows all through. It's purely because of our age - we bought years ago in our late 20's when prices were literally £200k lower than now. So we were just lucky.

If we were looking to buy now, on our salaries we'd be lucky to afford a 1 bed studio flat. I dread to think what our children will face :panic:


hon, don't put yourself into too much debt buying. If a bargain doer upper comes along fine but life is too short.

adele1985
06-10-2013, 06:55 AM
Thanks for all the replys

To be honest we weren't looking to buy but wen we seen this house it was too good to pass up

We live in Yarm where the average house price just for a 2 bed flat is around 120,000

The house we are looking at is a 3 bed semi with 2 reception rooms and garden room, new central heating system just been done and double glazed and the asking price is 125000 which we offered and he accepted but so did another couple who needs to sell their house before they have the funds - so now we just need to get a mortgage sorted my dad agreed to be on the mortgage but I can't be because of my credit score and not sure about my partner until he speaks to his accountant on Monday if that falls through it looks like we will be renting for a while yet

Lol I didn't know attempting to buy a house is so stressful

the house we rent at the mo is a 3 bed detached with 2 reception rooms it's a nice house and we only pay 625 a month rent but it needs a lot doing to it (double glazing throughout, new central heating system, hole in the ceiling lol the list goes on) we were really happy here and even landscaped the garden last year at our own cost then the owner put it up for sale the landlord is rubbish to say the least everything done in the house (we have decorated and recarpeted throughout) has been at our expense
The landlord came a few months ago - the first time we have seen her we have lived here for 4 years and complained about the garden it wasn't to her Tate's and the decoration wasn't to her taste

It just doesn't feel like my house anymore I just can't wait to move so if we can't buy we will be looking to rent else where after Christmas

The Juggler
06-10-2013, 02:14 PM
Thanks for all the replys

To be honest we weren't looking to buy but wen we seen this house it was too good to pass up

We live in Yarm where the average house price just for a 2 bed flat is around 120,000

The house we are looking at is a 3 bed semi with 2 reception rooms and garden room, new central heating system just been done and double glazed and the asking price is 125000 which we offered and he accepted but so did another couple who needs to sell their house before they have the funds - so now we just need to get a mortgage sorted my dad agreed to be on the mortgage but I can't be because of my credit score and not sure about my partner until he speaks to his accountant on Monday if that falls through it looks like we will be renting for a while yet

Lol I didn't know attempting to buy a house is so stressful

the house we rent at the mo is a 3 bed detached with 2 reception rooms it's a nice house and we only pay 625 a month rent but it needs a lot doing to it (double glazing throughout, new central heating system, hole in the ceiling lol the list goes on) we were really happy here and even landscaped the garden last year at our own cost then the owner put it up for sale the landlord is rubbish to say the least everything done in the house (we have decorated and recarpeted throughout) has been at our expense
The landlord came a few months ago - the first time we have seen her we have lived here for 4 years and complained about the garden it wasn't to her Tate's and the decoration wasn't to her taste

It just doesn't feel like my house anymore I just can't wait to move so if we can't buy we will be looking to rent else where after Christmas


wow that is a good price. I would go for it :thumbsup:

adele1985
06-10-2013, 04:22 PM
Hopefully that's the plan

There only option left to us is if my oh makes enough to be on the mortgage with my dad (he's meeting with his account tomorrow so fingers crossed)

The mortgage advisor says he needs to declare earnings of 5000 or over to have a chance

My oh pays the rent (625) and council tax (160) on this house every moth but I'm not sure if he counts that in his tax return as a profit or not I've got a feeling in the past years he hasn't

Up until this year his mum has done his accounts he's decided to get an accountant this year

Dose that make sense

bindy
06-10-2013, 08:45 PM
In fairness though a BTL mortgage is so much more expensive. We have a rental property and the APR is much more than on our residential mortgage.

Yes that right! I had BTL and also a normal( much cheaper) mortgage, but for me and the BTL mortgage I had, the rent did cover all the expense of renting, up keep, mortgage etc. I did have to pay taxes once I sold the house but I was lucky and bought when property in my area was very low and sold when it went sky high. Can't really complain with the BTL mortgage rates and taxes, still made lots and paid not a penny towards the BLM!