At what age did you buy your first home?

cz.art

Where and how much is it?

cz.art

Davesnave wrote: »

I'm not telling you, unless you are polite enough to explain why you need this information.

I'm not sure how meaningful data from 1977 would be anyway!:rotfl:

I am 19, planning to get my very first flat before I turn 21. So I'm wondering how it works for the others since I don't know much about buying a home yet

ca55ie

I bought my first home in Liverpool in 1976. I don't see how this helps any understanding of todays market.

suelizab

london, 1982, £40,000, house

sold for £300,000 2011

Davesnave

cz.art wrote: »

I am 19, planning to get my very first home before I turn 21. So I'm wondering how it works for the others since I don't know much about buying a home yet

As the average age of a first time buyer is currently in the mid 30s, if you're able to start buying before 21 you'll be doing well....provided buying a property is your top priority.

Note that I said "start buying," because until your mortgage is paid off, the building society/bank is as much the owner as you are.

Personally, I'm glad I didn't begin buying until I was in my late 20s. During the years between 18 and 28 I was free to go where I wanted and do as I liked, without the tie of a property. I still had a home, just not one that I owned.

notanewuser

Actually, I'd say only buy if you can afford decent pension contributions too. It really pays to start at 18 (or earlier if possible).

cz.art

ca55ie wrote: »

I bought my first home in Liverpool in 1976. I don't see how this helps any understanding of todays market.

Since most of the fist time home buyers are in their early 30s, I am curious how much can people in theirs 20s afford.

I am committed to get myself a flat before I turn 21, but I'm still lacking idea on how buying a home works. Not sure how much I need and if I'm earning enough money. I need some peace of mind that it's possible for me to get a 'decent' abode within my targeted time.

Not sure if that justifies your question but that's the best answer I can give for now

notanewuser

You'll need a 10% deposit (ideally more) and should be able to lend around 3.5/4 times your salary.

I bought with a 30% deposit, 70% mortgage. I was earning around £8k a year at the time and mortgage was around £28,500.

NervousHomeowner

cz.art wrote: »

Since most of the fist time home buyers are in their early 30s, I am curious how much can people in theirs 20s afford.

I am committed to get myself a flat before I turn 21, but I'm still lacking idea on how buying a home works. Not sure how much I need and if I'm earning enough money. I need some peace of mind that it's possible for me to get a 'decent' abode within my targeted time.

Not sure if that justifies your question but that's the best answer I can give for now

My partner and I complete on our first property on Friday. We are 20 and 23 It is a 2 bed flat in Birmingham, it is costing us £122,000. We had a 34% deposit.

You will need at least a 10% deposit (If you can save more, that will help massively). My partner only earns £17,000pa and he was eligible to borrow £62,000 on his own. Depending on how long you have worked for and if you have parents who are eligible (Or willing to help you!) there are certain mortgages that will help you to increase the amount you can borrow by including a parent in the process.

cz.art

notanewuser wrote: »

You'll need a 10% deposit (ideally more) and should be able to lend around 3.5/4 times your salary.

I bought with a 30% deposit, 70% mortgage. I was earning around £8k a year at the time and mortgage was around £28,500.

Are the terms for mortgages fixed or can I chose? Thanks

notanewuser

cz.art wrote: »

Are the terms for mortgages fixed or can I chose? Thanks

That's the general terms - different lenders have different terms, but not usually wildly different.

When you're wanting to borrow tens if thousands of pounds, you don't get much of a say.