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

Maximillion

Fritha wrote:

Me and Mr Fritha bought our first house (a shared ownership one) in March this year I was 25 and he was 29, no clue when we'll be mortgage free, we're overpaying as much as we can but it's not much!

I'd be interested to know how to calculate how much interest we've saved tho if someone could tell me please, thanks :-)

There's a few of these overpayment calculators on the net, search google.

here's one http://www.channel4.com/money/homebuying/overpaycalc.html

Madmel

I was 23 when I bought a 2 bed terrace in South Manchester with a £30k mortgage and a starting interest rate of 12%. I was earning just over £10k, so it was quite tricky, especially when interest rates went up to 15% :eek:

But now, 15 years and 2 moves later, at the other end of the country, we own a lovely place outright. It helped that when I met DH, he had a flat, so we were able to sell both places to put equity into our last house. We also sold our Manchester properties when prices had risen there, but before they went up in the SW :j

cazmanian_minx

Bought my flat aged 24, thanks to my Mum selling up to move in with her new partner and lending me £25,000 as a deposit to add to the £33,500 mortgage.

Caz

Pinklepurr

Both 24 and borrowed 47k. Now got a mortgage more than double that!

Timmne

We bought our place last year in July - put down the deposit and had 8 months to save up for completion and moving in!

At the time we were both 20, and were buying a house for £127000 - coincidentally this is exactly £100k more than my parents bought their 5 bed house for 30 years ago!! (yeah I know it's not the same but makes one sweat a bit!)

sarah_elton

I bought my first place in Jan 2006 (completion date), at the ripe old age of 24. Just me on my own.

100% mortgage, and at the time was 4.21 times my salary (I can hear the intakes of breath from around the room...). Now the amount of capital I owe is 3.5 times my current salary (or 2.8x if you include my non-guaranteed annual bonus). I've done well with salary increases since I left uni in 2003 which is what's made it possible for me. Most of my friends my age who are single can't afford to buy on their own.

Imelda

I bought my flat almost 2 years ago when I was 24, met my lovely OH the same week! Had no financial savvy and got an IO mortgage :eek: started paying off some capital earlier this year and have paid off over £1,000 so far.

Bought for £118,000, will be putting it on the market in the summer (hideous penalties for redeeming in the fixed period). Current mortgage £112,049.73.

OH bought his flat in 2003 (aged 26) and had a £140,000 mortgage, a few good pay rises and bonuses later he is going to be mortgage free in Feb.

Mrs(no)money

We first mortgaged at age 26&23 - mortgage £24,000 house was £34,000, deposit £10,000 which we saved. (we've never managed to save that much since!)

We moved five years and two kids later doubling the mortgage to £52k, house cost £70k.

The house is now (15 years later) worth about £200k but its only a 3 bed semi!

Mrs_Optimist

Paid £44k for our house 10 years ago (now just gone on market for £177k). DH was 26 and I was 23. We had a mortgage of £41,800. Paid the Mortgage Indemnity Premiume of £850 with cash, as did we with the deposit. It was a huge amount of money to us then, and we are now embarking on upgrading with a mortgage of £90k.

Cazza

OH and I bought our flat in August 2005, aged 27 and 24. We paid £112,000, with a 100% mortgage. It's now worth about £120-£125 and we've managed to get the mortgage below £110,000 which I was quit pleased with considering we had to add on some fees when we switched to a fixed rate at the beginning of the summer!