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

emma_b_4

i was 19, OH was 25 and we took out 50k on a 2 bed terrace that we still live in, have been here 5 years now and best decision we ever made

POSSETTE

Hi..I was 23 in 1992 and we borrowed 36k for a CARDBOARD WALL WILCON HOME!!!..Except it had 2 bedrooms!,sold it for £38k then panicked about borrowing £50k for haslam home, much better quality home!!..sold it for £134k now have £89k mortgage for £149k house!!..sold one in between to downsize to pay off debts..should be done in approx 10 years!..got mortgage fixed at approx5% for rest of time left..so interest can go mad as far as im concerned!:T

Thriftylady

I was 23 and OH was 22. He was still a full time student, we borrowed 100% of the purchase price which was £41k. I only earned about 10k a year at the time and it was terrifying, but the mortgage repayments were about half of what it would have cost to rent the same house (or one similar) so we felt we had no choice.

At 28 and 27 we bought our current house for £85k, with mortgage of £72k, its a much bigger house. As it was a lot closer to work, we haven't noticed any difference in our monthly outgoings as the difference in mortgage payments is offset by the savings on travel costs.

Would love to live in the country (nothing flashy, just a wee house with a decent garden) but can't see that we'll ever be able to afford it with prices the way they are now, but grateful that we bought when we did as even our own home would be way outside our reach at todays prices. We feel very very sorry for those who are a few years younger than us.

HugoSP

I was 19 and single when I bougt my first house in 1987. It was a 3 bed terrace in Leicester for £22k. I met my wife to be when I was 21 and I sold it at age 26 for £38k. In the meantime the council were chucking money at home improvement grants, so we got it completely ovehauled for a few grand.

Leicester was desparetely short of student accomodation but house prices were just waking up. We (my dad and I) were advised to offer the asking price on a terraced house of this type when we saw the right one. That's exactly what I did. I was a student and was looking to buy rather than rent, plus invest. The mortgage was guaranteed by my dad and paid more or less in full by renting out rooms to fellow students! Instead of paying rent I could put that money into improvements.

I think I started a bit of a student house buying craze among a few friends. One syndicate of 5 was due to embark on an investment purchase but that fell apart due to personal issues between one student and his parents who were going to help guarantee the mortgage. That was a shame, they would have more than doubled their money in the time they were students. Their accomodation costs would have probably been refunded in full when they sold.

Buying that house when I did was probably what has set me up now. It gave me confidence in property investment that has helped me make a number of important decisions.

virgo149

In 1994 I was 26 and bought a mid terrace 3 bed 100 yr old property for 46.5K. Had mortgage of 38.5K and put down an 8K deposit (money from a payout for being medically retired from police 6 months earlier). Sold this one for 74K in 2000.

Moved in with then boyfriend and we bought a new build 3 bed detached in 2001 for 135K with an 80K mortgage. Just been on market (fallen through now) but accepted an offer of 235K so not too bad for 5.5 years investment! Apologies, but my hubbie (yes he did marry me eventually) has !!!!!!ed up our keyboard and can't type pound signs anymore.

aunat

virgo149 wrote:

In 1994 I was 26 and bought a mid terrace 3 bed 100 yr old property for 46.5K. Had mortgage of 38.5K and put down an 8K deposit (money from a payout for being medically retired from police 6 months earlier). Sold this one for 74K in 2000.

Moved in with then boyfriend and we bought a new build 3 bed detached in 2001 for 135K with an 80K mortgage. Just been on market (fallen through now) but accepted an offer of 235K so not too bad for 5.5 years investment! Apologies, but my hubbie (yes he did marry me eventually) has !!!!!!ed up our keyboard and can't type pound signs anymore.

Hold the ALT key down (not the ALT Gr key!) and on the number-pad on the right hand side of your keyboard press 156, then let go of Alt - And then what do you have? - Viola ! A pound sign :rotfl:

(Make sure the Number Lock key is turned on otherwise it won't work )

Sassers

I got my first house - a two bed terrace by luck in 2004. I was 33, I'm 35 now.....
I had my `let's do what you really want with your life' lightbulb moment while I lived near London, and started looking at a new life in Wales where I'd always wanted to live. Got a job and stayed in nightmare digs for 16 months, while house-hunting. A house I was booked into to see and wanted had a couple viewing before me and they put in an offer that was accepted. However, the house nextdoor was for sale but hadn't had the details put in the estate agents and the board up outside. The estate agent only mentioned it by chance when she heard how upset I was about the first property.
Saw the `default' house - full of damp and dry rot, no heating, or kitchen and unloved and had been empty for a year - undetered i could see the potential so put the asking price offer in and hey-ho off I went.
I bought it for £29,500 - 100% firt time buyer - and have nearly finished the interior bits and pieces such as putting in heating, damp proof course etc. Very proud as have done most of the DIY work myself....
Since then house prices have risen and my unloved little nest is now worth almost £70k. And I love it to bits.
Also six months after i moved in road building started and I have now been offered around £6k compensation for all the upheaval, dirt and mess.
I also have a new job earning more; that and switching to the one account and starting a second business will go a long way to making me mortgage free in 2009.
What a brilliant thread....

clarew

Brought 2 bed masionette in london in march 2000 (me and hubby both 24yr, no kids and working in public sector (low paid!) jobs) for 85k (mortgage of 76k).

sold in aug 2003 for 158k, and brought 3 bed semi (aged 27, now with 1 child, and me working part time) for just under 250k (had to avoid increase in stamp duty!) mortgaged for 175k, gradually creeping down now to 169k thanks to mse/mortgage pig.

working on a 5 yr plan to chip away at the mortgage as much as possible, and aim to move out of london, and buy cheaper property elsewhere.

efrieze

We bought our first place in August 2000 when I was 22 and my then DP (now DH) was 27. Cost £182,000 (north London) and took out a mortgage of £143,000. Then increased the mortgage to buy (with cash) another BLT property. In December 2003, we sold the flat for £225,000 (a much smaller gain than the general market increase due to 'over paying' on the first flat - long story). We bought our current house for £495,000 and we have a mortgage of £300,000 - possibly one of the largest mortgages on this thread??? We have done a lot to the house since we bought it (which cost 2 arms and 2 legs of course!!!) and hope the house is now worth over £600,000. Like that, I find our mortgage less scary but it is still huge. With child care costs and the high interest only mortgage cost itself, it is hard to overpay massive amounts but we are trying. Might be mortgage free in 2086! Wish us luck!

ds1980

Hi all,

Brand new to site looks great.

Got first mortgage while at university in 2003 have since bought and sold 9 properties and currently own 5.

Have nearly £1 million pounds worth of property at 26 and started off with £2k. I earn £20k a year.

Just about to put current home on market which i bought 3 months ago for £187k Should get £220 k for it and have done absolutely nothing to it.

I can't understand people wanting to pay off their mortgages it makes no sense whatsoever. Make it yourself thats what I say.

be good