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

jm28cardiff

I bought my flat (ex council) for £71,000 in December 04 (my mortgage was £61,000).

The woman who owned it bought it off the council in 2001 for £8,000:eek:

piglet6

We were both 24 in 1997 when we paid 70,000 for a 3-bed ex-council maisonette in central London (I'll always remember my MIL's expression when we proudly drove them into the communal carpark to show them - let's face it, a 1962 council maisonette is not the most attractive thing to look at, and was certainly not what she was expecting...!!;)). We had a 90% mortgage (Mr P's aunt lent us the 10% deposit:A) and we took a 25 year endowment mortgage. We went from paying 600+ a month in rent for a studio flat to paying a mortgage of under 500 a month.

A couple of years later we re-mortgaged and went to a 20 year repayment only, but kept the endowment going (so should get a bit of a cash injection boost in about 15 years time!:T). Then in 2003 we bought a second house, outside London, which we plan to move into long-term and make the "family home", by increasing the London mortgage thanks to increased equity within the property, therefore paying "cash" for the second property. This was only possible because we were lucky in choice of area in London (back in 1997, people commiserated because we had had to buy in the area we did - then it became very fashionable...nice new apartments were built alongside the river and the "beautiful people" moved in, and house prices increased - yippee!!:j). Now we have a mortgage of less than 158,000 on a property that was last valued at 220,000 back in 2002. We hope to sell the property in 2007 and become completely debt/mortgage free. Our second property needs a lot of work (we bought it cheaply for a reason...!:p) but hope to complete the basics with the surplus from the sale, and are happy to live in it and save up gradually for the cosmetic things.

Back in 1997, it felt like a huge commitment to take out such a huge mortgage (I was earning 14,000 a year, and Mr P was still a full time student, bringing in 600 a month!:eek:), but I'm so glad we went for it when we did - I feel so sorry for first time buyers today...:o

Piglet

P.S. Have just read this back and hope it doesn't sound too smug and boastful - we really are very aware that it is down to luck that we are in the position we are in. We are also very aware that once we are mortgage free we need to really concentrate all our efforts on pension/retirement planning, because although we have kept our endowment, we have made very little pension provision (but thats next on the list - I guess it keeps going on and on...as you cross off one thing, something else takes its place!!!:rolleyes:).

save-a-lot

Hi

Bought a detached 3 bed new-build property in Chapel-en-le-Frith in 2000 for £89,900 at the age of 27 / 27 (girlfriend, now wife had a terraced house of her own before and deposit came from that sale) and we put down 10% deposit . It is now worth around £220,000 :j

*Louise*

I was 20 when I got a mortgage in 1999 - Moved into new home with OH on 22nd Oct, DS1 was born on the 29th.:D

We got a 100% mortgage, luckily just before house prices rocketed - £33,000 for a 2-bed lower villa flat with a large garden.

Hope to sell next year and expect to get around £100,000.

hypno06

Badgergal wrote:

I was 22 and I have just turned 25.

People assume I'm renting and are always shocked that I found somewhere in London at my age and on my salary but I managed it through not being very choosy - it's a tiny studio, on a decent council estate only five tube stops from central London and I don't regret it. It was for £100K and I cobbled together a deposit by saving some of my student loan and working weekends throughout uni.

Good for you - I have heard so many youngsters who say that they cannot afford to buy anywhere, and then when you talk to them, they want a garden, en suite, 3 bedrooms etc etc! My first house was a shoebox but it was MINE!!! (well, it was the Halifax's really!)

It is the first step on the ladder and you have got it by your own hard work and choices. As I said, Good for you.

Iwantahouse_2

took out a 127000 mortgage 6 months ag aged 26

Badgergal

hypno06 wrote:

Good for you - I have heard so many youngsters who say that they cannot afford to buy anywhere, and then when you talk to them, they want a garden, en suite, 3 bedrooms etc etc! My first house was a shoebox but it was MINE!!! (well, it was the Halifax's really!)

It is the first step on the ladder and you have got it by your own hard work and choices. As I said, Good for you.

Thanks. I had almost no choice when I was looking but was willing to accept that. Amazingly, older colleagues who bemoan the fact that they can't afford anywhere still say sniffily to me "Oh, I couldn't live in that area" (which I think is rude anyway when I do!) because it's not quite as posh as, say, neighbouring Clapham. It's all about priorities and it's not even like the area is so bad, I've had no trouble in nearly three years of living there.

Techno

20 when I got the mortgage - £19,500 moved in on my 21st birthday!

yummymummy79

First one at 19, was for £34500 but then split up with boyf, came away with nothing, he sold house 4 years later for £94000.

Second one at 23, for £44500, got this down to £28000 then moved to where we are now last year (age 26) so doubled it to around £56000. Hoping to get rid of mortgage by the time we are 35, perhaps a bit hopeful but will give it a damn good go!

A lot of friends our age are now buying for the first time after renting, 2 couples we know both bought for approx £118000 and have had to get a 100% 30 year mortgage at nearly 3 times our monthly payment. We feel rather smug sometimes at our comparitively small mortgage and our 2 cars, but it has been down to timing, and not wasting endless amounts on going out and other non-essentials.

savvykaz

Bought first house in 1990 when we married (DH 39 and me 22). Paid £49,500 with 95% mortgage, sold in 2002 for £108,000.
Bought current house for £100,000 April 2003 - owe £47,000 - worth £145,000.

Should be mortgage free in 2018 unless we can overpay once all other debts are paid:eek: