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

marco_79

My wife and i bought our first house aged 20 it was a three bed semi that we bought for £55K in nov 99. We sold that for £115K in sept 2005 paid off all our debt and put a deposit of £40K down on a 4 bedroom detached that cost £190k.

We decided to start a fresh 25yr term when we moved into our new house to keep the repayments down on our £150K mortgage, thinking about starting to overpay now.

huddsta

Bought our 2 bed mid terrace, 55% share about 6 months ago for £54000 with a 10% deposit. The Mrs moved in and we are now ready to buy the rest. I'm 20, OH is 18. Planning to add to the value as much as poss over the next few years and find a simular property in the same area with more space.
Currently fitting a new kitchen to replace the vile one left by the old owners (horrible gits).

hazelize_uk

I was 21 and oh was 28, were nervous as hell taking out £40k at the time and had to borrow more a couple of years later due to expanding our numbers! Always planned to be mortgage free before i was 40 so if we stay on target and make it before im 35 i'll be very happy bunny just feel so sorry for first time buyers thinking about converting the garage into an apartment for the kids as otherwise they might not be able to afford to move out til their 40!!

Kaz2904

First mortgage was £50000 aged 23 and DH 24. DD arrived 3 months later. Sold it 3.5yrs later after blood sweat and tears went in to redoing it (still paying for the windows 4yr 0% credit later argh!) for 99950. Bought our house 8 weeks later for 140000 with a 90000 mortgage and 15000 loan from my mother. Since we moved in have put in new kitchen and bathroom and central heating with hot water (BLISS!) ripped down walls and rebuilt walls and replastered everything in sight! 4 rooms and hall stairs landing to go- woo hoo! Have been overpaying mortgage since Jan last year so worst case scenario 15 years left. Best case? 6.75 yrs! I did (for I don't know what reason) round my mortgage down both times I remortgaged. (I say I don't know why because I wasn't MSE then) Also this time when we moved in May 2005 I made DH get a 5 year fixed rate so that DD and DS would be at school before we remortgaged. We are able to overpay and do but I would dearly love to find a way to get enough to become mortgage free by the time our fixed rate runs out in May 2010!

Fizog

23. Joint buy, flat with my other half £31k. We have moved twice since and are now in a 3 bed terrace which we it seems we will never finish paying for as we have endowment shortfall of £45k. (it's been through all the procedures but we have no claim as we bought two more endowments -because they were performing as expected! But of course in the last few years they haven't and the Abbey have agreed we were misold but only the first grr!)We live in London if we had bought a 4 bed house with an acre of land in Bolton as a friend of mine did the same year we bought our 1 bed flat we would be mortgage free by now!!!

itsarichmansworld

We bought our flat in 2001 it was on the market for £22500 We offered 15k they accepted had 7.5k equity straight away! I was 19 DH was 21,
We are getting it valued this week and hoping for £60k valuation at least. We cant move as the jump is too big but we're gonna save save save try be mortgage free in a few years

CopperPlate_2

Both me and DW were 24 and struggled as - me as a student and she as a new graduate, the money wasn't rolling in. First flat cost just short of £40k and the mortgage was 95%! Now in a house and, ah for those days of 10 years ago when our repayments were a quarter of what they are now, even though interest rates were up nearer 7%!

Just starting into offsetting so determined to get the M down a good bit before the next move on the cards to a bigger place.

lordswood

Husband 24, myself 21 when we took out our first mortgage for £8,500 to buy a £11,150 flat. Admittedly that was in 1975, but the interest rate was 11% and had risen to 12.5% by the time we took out a second mortgage for our first house in 1980 and as I recall rose further still.
Our daughter is now 21 and would love to buy a property with her partner, but at today's prices even with lower interest rates - no chance!

jennyjelly

Fascinating thread!

DH and I were 24 and 21 respectively when we married in 1980 and bought a 1960s 3 bed semi on an estate.

We paid £18,000 for it but on our wages we could only get a £16,000 mortgage (they were a lot tighter in those days), so we borrowed £2,000 off our parents and lived on potatoes for 2 years while we paid it back! Such a struggle for such a tiny amount.

We sold that house in 1983 for £25,000 and bought a Victorian terrace which was a wreck that had been flooded and never put right so it stank to high heaven. That one cost us £28,500 and 7 years hard diy, and then we sold in in 1990 for £65,000.

We then bought the 30s semi we are in now for £73,500, have spent loads extending upwards and sideways and it's now worth about £275,000. I think this is where we intend to stay now - 9 years left on the mortgage but with overpayments it should be gone in 5.

So that's 27 years of our life gone in the blink of an eye. Sad isn't it?

betti911

I got mine last year at 25. Its for 87,000, repayment but over 29 years, fixed for 2yrs. In 2 yrs time I'll review the situation and decide whether I want to move on as I hope that my salary will have gone up at by about 10k by then and I can get a better deal. Was just desperate to get my foot on the property ladder. Its so hard for 1st time buyers at the moment.