What age were you when you BEGAN your mortgage...

wymondham

After the excellent post about age when you paid off the mortgage, thought it would be good to see when people started their mortgage... We hear lots about this rising to people in their thirties now.. we were both 22 and 20 and £36k seemed like a massive debt!! - now realise how lucky we are, although at the time all we could buy is a one bedroomed wilcon home (cardboard walls!).... later were able to sell although cost us £8k in negative equity to buy a repo 3 bedroom semi for £34k (less!) .. look forward to your stories..!!

roswell

Age 19 when i took out mortgage, currently 25, Scaryiest day of my life was signing " Your home may be at risk if ..." borrowed a massive amount of £23 000 .... A year ago I could have borrowed that between 4 credit cards.

funky-footprints

dh bought his first house at 23, (3 bed victorian terrace 1996 for £47,000)

his dad gave him £10k deposit and he paid him back £500 a month.

comping_cat

I took my mortgage out in 2003, so i was 31, nearly 32.
I had previously had a house years before, so my very first mortgage was when i was about 22 (bad relationship meant having to sell the house and i lost £23.5K and the ability to re buy - i then worked hard to show ex that he couldnt drag me down and i would/could manage better without him!!!!)
I have got my mortgage down from 30 years, to about 24 in 3 years (only just started overpaying in the last year tho) would love to be mortgage free in 8 years, but realistically i think it will be 11 - 12 years.

nearlyrich

I got my first mortgage when I was 21 in 1982, we borrowed just under £8000 on a 2 bed terraced cottage that we bought for £8500, you had to have a 10% deposit in those days. I remortgaged to £20k to buy out my ex after we split and sold it in 1993 for £37k.
The next door identical property recently sold for £155k:eek:, the previous owners moved in when we did and they paid £10k for it.

We moved here in 1992 with a £60k mortgage, on a £67k property, (we didn't have time to sell my other house as it was a quick purchase, it sold about a year later) I was 31 and we paid it off in 1999 when I was 38.

The numbers seem laughably small now but at the time they were quite scary, when we bought this place £60k was 5 times my basic. As another poster says I could get that in a cash advance on 3 or 4 of my credit cards right now.

seven-day-weekend

We bought our Victorian terraced house on the outskirts of a large Midlands city for £3,000 in 1976 (yes, we had a 70% mortgage!) when we were 26 and 27. We lived in this house for 28 years and still own it (long since paid for).

In 1998 we had a BTL mortgage on a second property. We were 48 and 49. We sold this property in 2005.

We paid cash for our Spanish house in 2003 when we were 53 and 54. This is where we live at the moment.

Dr.Lou

My husband and I had just turned 24 and 23 respectively, when we bought our home in 1999.

At the time it seemed very scary signing up for what seemed like a massive lifetime financial commitment, but looking back now we were very lucky we did it then.

lauren_1

I should of been 20 when i bought a house but on the day of signing his mum took my ex to one side and had a chat about how she didnt think it was a good idea, he refused to sign it because his mum told him we should rent first as it was our first house.:mad: :mad: :mad: :mad:
I t was a terraced townhouse, 3 huge bedrooms, 2 reception rooms, massive garden, garage, driveway ......the lot.
It was £65,000 in 2002 and has now tripled in value:mad::eek:
This guy is the only person i truely hate

lipidicman

lauren_1 wrote:

This guy is the only person i truely hate

over money? and because he didn't have a crystal ball?

roswell

But did he become your ex because he wouldnt sign or because his mother was right ?

lauren_1

Nope, because he didnt have a pair of his own balls, then the housing boom hit and then he moaned for 2 years solid that we would never own our house until i had enough and booted him out added with his mother's constant nagging that we are solid enough to buy a house now.
He also smoked and drank waaaaaaayy tooooo much but thats a whole different thread