How old were you when you bought your first home?

[Haircut]

Good timing on this thread as I moved in exactly 3 years ago today

Age 32 (then)
London
75% mortgage

Not sold it yet, but the London market has gone crazy (crazier?) since then, so it means lots of equity in the place, but very expensive next place to buy when that time comes.

 

[Van Diemen]

31
Mid 2009
London
195,000
0% Mortgage.

Place needed work,
I've put in about 70K over the last few years.

Considering selling.
3 agents have valued @ between 585 to 599

 

[HangTime]

Location: Southampton
Year bought: 2006
Age: 26
Percent mortgage 74%
Sold: December 2008
Profit/ loss: -9%

Overall it was a mistake. Probably should have rented somewhere instead.

 

[adam cool dude]

Bought at 23, 2010
3 Bed Detached house with a garage. South Lincs 160k.
25% deposit. We bought during the recession so had to pay a big deposit for anything decent rate wise. Hoping to be cleared after the next ten years.

We have a combined salary of 50k with one child which I think is pretty decent considering i dropped out of school and am in my late twenties. Quality of life is good but I dread to think how people manage to survive down south!

 

[MatteH Oxford]

some people might have been better off getting a trade instead of going to university - this 20 & 22 year old couple seems to have done OK:

http://www.bbc.co.uk/newsbeat/article/34804311/im-20-and-i-own-a-250000-four-bed-house

They only managed to save £500 a month with basically little outgoings staying at a parents' place, but now have a mortgage for £187,500 @ 1k a month, + bills, + 20% loan of £50k to be repaid in 5 years (it isn't 25 as stated in the article).

They are ****ed!

 

[MatteH Oxford]

Location: Oxford
Year bought: 1997
Age: completed when I was 19
Percent deposit 10%
Sold: no
Profit/ loss: something stupid like 300% plus if i sell and don't buy anything else. Looking at a substantial loss if I trade up to a bigger property as they have gone up more. The difference was around £20k-£30k in 1997 between my 3 bed semi and a 4 bed detached, all depending on the local area in the village. Now it's over £100k difference, so looking at a loss of at least £70k

 

[Ev0]

I'm impressed how many people have managed to buy a place in their 20's but I just can't see how someone can do it now in the south.

Anywhere around london that is not a dive is touching 500k. Quite sad really.

I think a lot of Southern people cannot see they could live a hugely better life in the north on a lot less money.
But I guess it's whether your into a commercial lifestyle over an outdoors one tbh, that and family connections.

Well remember the south is not only London and south east, down here in the proper south (west) you can have a 'hugely better life', whatever someone's definition of this is, and not need to pay stupid money for things.

 

[jeffrey_burkhol]

25 manchester
2010

 

[Ghosteh]

They only managed to save £500 a month with basically little outgoings staying at a parents' place, but now have a mortgage for £187,500 @ 1k a month, + bills, + 20% loan of £50k to be repaid in 5 years (it isn't 25 as stated in the article).

They are ****ed!

Well it states that they both saved £500 each at a minimum, so they saved £1k between them at least every month. Article doesn't states the rest of their outgoings, so it's hard to draw conclusions of how their pay will cover the mortgage and what not.

And it doesn't have to be paid back in 5 years at all. It's basically a free loan for 5 years, after which you will start paying fee's on it which increase every subsequent year.

 

[Brozart]

Location: Wales
Year bought: 2013
Age: 21
Percent deposit 10%

 

[Maccy]

Just outside Watford
6 weeks ago!
27
14% deposit

 

[Parabellum]

Location: Northern Ireland
Year: 1993
Age:19 - Yes I know at age 19 all my mates where out at raves getting wasted... I got married to the love of my life & was working 2 jobs so I could afford my own house.
Deposit 5%
3 bedroom semi detached house with garage
Cost: £21500
Sold in 1999 for £90 000

I managed to get the old steel frame windows condemned by the local council. This means I qualified for a 100% grant to have all my windows + front door replaced with new double glazed psv. "all I had to pay for was the back door".

 

[alx]

I think a lot of Southern people cannot see they could live a hugely better life in the north on a lot less money.
But I guess it's whether your into a commercial lifestyle over an outdoors one tbh, that and family connections.

It also depends on what you do as a career and whether you could find similar work up north (some people might not want to switch careers, with good/valid reason).

I do agree broadly agree though - the south seems to have become an unsustainable rat race, with property price increases massively outstripping wage rises.

My friends often ask whether I'd come back to London, whilst I do like it, property prices are basically ridiculous and unless I got a huge salary bump I'd have less disposable income and be renting with others rather than owning my own flat as I do now.

The only benefit is that my parents bought a house in Berkshire in early 80s that is now worth a fairly ridiculous amount compared with what they paid for it.

 

[MatteH Oxford]

Well it states that they both saved £500 each at a minimum, so they saved £1k between them at least every month. Article doesn't states the rest of their outgoings, so it's hard to draw conclusions of how their pay will cover the mortgage and what not.

And it doesn't have to be paid back in 5 years at all. It's basically a free loan for 5 years, after which you will start paying fee's on it which increase every subsequent year.

I'm pretty sure that if that £50k is not paid back, then it's fees i.e. interest plus they would have to remortgage @ 5years in to cover it. That's got to be an extra £200ish on the loan? Surely that £50k doesn't just disappear and only has the low rate fee chargeable on it for the next 20 years.

Missed the 2 x £500 a month, was tired. I hope they don't want to have children in the near future though....

 

[.SJ]

..

 

[Chris1712]

27, earn more than enough for mortgage repayments but can't save up for a deposit. Oh well as is life.

 

[Prophet]

Location: Near Nottingham
Year bought: 2005
Age: 29
Percent deposit 10%

Will be paid off in around 10 years as I had to buy an ex out which put me back a few years.

It's now a rental as I've moved in with my gf.

 

[gobbo]

Age: 28
Year bought: 2014
Property Value: £320,000
Property Type: 4 bed detached
Deposit: 57%
Location: Cambridgeshire
Value Now: ~£355,000

Don't think we will be moving for a while, happy where we are with plenty of space!

 

[Richand]

Purchased a house at 22 with my then wife for the grand sum of £44k, it was a shed without floor boards in most rooms and some absolutely scum of the earth things (I won't go into to much detail but ladies luxury items stuck to the wall...complete with ketchup! and the bathroom was decorated in lovely brown streaks..I know! but in 2006 £44k was dirt cheap.

Did it up and the wife then left me in 2008 and we sold the house for £98k with circa £20k left on the mortgage, I lived the single life with my proceeds and carried on in the two jobs I was holding down at the time until meeting a new partner in 2010.

Fast forward to 2013 at the age of 29 and I purchased a house with my new girlfriend which is much larger and in a very much better area for £110k with a 20% deposit (10% each), things are sweet and we rent out the annex building attached to it that covers the mortgage.

How do you check the increase in value other than finger to the wind checking done by zoopla etc?

 

[LeeUK]

Location: England
Age: 21
Percent deposit: 0%
Sold: N/A
Profit/ loss: NA

Inherited.