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

aiwah

I roped my OH into getting a mortgage with me when my flatmates left the country and I decided to get my own place. I was 23 and we moved in on his 25th birthday in 1999. £50K at the time was the absolute maximum we could afford as we were both in commission-based work and the banks would not take the fact that 30% of our wages was on commission into account. Fortunately at the time that was enough to get us a 3-bed semi in a reasonable area. Then the house prices went up, we got better jobs and life got easier for us... hoping to be mortgage free in the next 3 years.

Nikki

I was 22 DH was 20, £43,000(IO) in 1995. We sold for 155k last year and now have a mortgage of 132k, worth every penny to get away from where we were living.

roger56

Began at 26.
Mortgage free at 46 and three house renovations later.

Anyone keep a record of their total mortgage interest payments?:D
hmmm...could start another thread...maybe not...too frightening.:eek:

Happy New Year:beer:

arthur_dent_2

My OH and I were 22 and 27 when we bought our house in oct 98. We mortgaged ourselves to the hilt and bought the only property we could afford which was a one bedroomed 1970's barrat home for £19,500. 8 years and two children later we are still in that same house as there was a property boom and we cannot afford to move.

We were able to build one extra room on the side of the house with some money we inherited and the builder only charging us for costs. However this is still a very very cramped house for 4 people to live in. Plus side is of course that our property went up in value also but the gap to a bigger one got very much wider.

amyandoli

I was 18, partner 22 for mortgage #1 £52k in 2002. 1930s semi in stoke-on-trent, needed new bathroom and kitchen, redecorating and gardens sorting. Sold up 2006 for £75k. Now on mortgage #2 £96k 1950s ex LA in semi rural village, in much better repair thank-god! Checked the local area on rightmove today and I think it should be worth £10k more than we paid! Yay!

foxy_pepper

We bought a year ago, I was 22 and my boyf was 27. Our house cost £185k and we got a 100% mortgage, not our original intention however once we had moved in and paid the solicitor plus all other costs we then put our original deposit in as an over payment.
Friends who have also recently bought have done a similar thing to us as its the only way to afford properites in our area. It is scary at how much we have borrowed but I hope in years to come we will look back and say that it was alot of money at the time but isn't any more.
Our house has definatly increased in value, we hope that this keeps on happening as we cant afford to be in negative equity!
Reading all your posts has made me think about making more over payments to try to pay as much off.

Jo_anne_2

I was 23, OH 22, and our first mortgage was £15k in 1985 for a traditional 2 bed terrace in Birmingham. We have moved house twice since then, and became mortgage free last year. Our first mortgage was a huge worry as I was earning a pittance (£3.5k) and OH was a student.

moneymuddler

i was 19 dh 21 we brought a 2 bedroomed terrace for £30,000!! that was ten years ago...recently moved to a three bed semi borrowed £175,000 (brought property for £205,000) really gutted as i have realised i was in a very fortunate position but blew it by getting into mega debts than had to remortgage old house for £85,000!!!! now have 2 halves to my mortgage 1 half will finish in 15 years and the other half in 25 years!! so my aim now is to pay off my debts and then hammer down my mortgage

cupid_s

We were both 22 and now we're 24.
We bought our house for £99950 with a mortgage of 71k. And we're online to pay it all off within 4 years and I can't wait for that day.

FTB83

May 2006 - borrowed £162,000 over 25 years (had a near 10% deposit) - I was 22, boyfriend 24.

It's our first house and we both moved straight from living with folks - we did worry about the cost, but worried more about our money going to pay someone else's mortgage (i.e. renting!).

We live in a quite an expensive area and were very lucky to find a great house at a good price (it's a four year old two bedroom mid-terrace), many of our friends are either still living with folks or have had to purchase property in the surrounding areas where prices are lower.

It's a big commitment, and we were worried we wouldn't be able to purchase in the area we grew up in, but once we'd been to see an independent mortgage advisor to discuss how much we could comfortably borrow, it all seemed to slot into place.

I think it's important to make the move to buying when you're young - it means that first important rung on the property ladder - and you can be surprised at what you can afford.